Context:

President Donald Trump has indicated that China is keen on securing a trade agreement with the United States, as Treasury Secretary Scott Bessent prepares to initiate negotiations in Switzerland amid ongoing tariff disputes. Trump reiterated his longstanding support for tariffs, which the White House believes are essential to addressing the U.S.'s significant trade deficit and reviving manufacturing jobs. Bessent warned that the continuation of tariffs could lead to substantial job losses in China, stressing the need for Beijing to remove tariffs on U.S. imports. Despite the tensions, Trump expressed a desire for a fair trade deal with China, noting that discussions on various issues were ongoing. Bessent also mentioned that significant trade deals with other countries could be announced soon, highlighting the U.S.'s proactive approach to addressing trade imbalances.

Dive Deeper:

• President Trump stated that China is very much interested in reaching a trade deal with the U.S., coinciding with Treasury Secretary Scott Bessent's upcoming negotiations in Switzerland to address the ongoing tariff conflict between the two countries.

• The U.S. administration has consistently supported tariffs as a means to counter the country's substantial trade deficit, which reached a record $1.2 trillion, and as a strategy to bring back manufacturing jobs to America.

• Scott Bessent cautioned that the tariffs imposed could potentially lead to significant job losses in China, estimating that up to 10 million jobs could be at stake if the tariffs persist, which he referred to as unsustainable for the Chinese economy.

• Trump emphasized the importance of a fair trade deal with China and noted that discussions on various issues were already underway, highlighting his commitment to achieving balanced trade relations.

• Bessent informed lawmakers that the U.S. is actively engaging with multiple countries regarding trade discussions, and hinted that major trade agreements could be announced as early as the same week, indicating ongoing efforts to resolve trade disputes.