Scott Bessent Urges Balanced US-China Trade Ahead of Trump-Xi Talks
NEW YORK – Treasury Secretary Scott Bessent called for a “more balanced relationship” between the United States and China on Tuesday, saying Americans have become overly dependent on imported goods.
Speaking before upcoming U.S.-China talks at a gala hosted by the National Committee on U.S.-China Relations in New York, Bessent described the bilateral relationship as “one of this century’s most consequential.” He also characterized the ties between President Donald Trump and Chinese leader Xi Jinping as a genuine friendship. At the same time, he argued that both countries would benefit from reducing U.S. reliance on Chinese imports.
“The American economy has grown too dependent on foreign supply, while China has become increasingly reliant on foreign demand. In other words, the United States must produce more of what we consume, while China must consume more of what it produces,” Bessent said. “Working together, we can strengthen both our economies.”
Bessent said the approach “does not reflect hostility,” but is instead intended to revive “a spirit of reciprocity” in the economic relationship.
Xie Feng, China’s ambassador to the United States, also emphasized the need for “reciprocity.” He told attendees that “China and the United States stand to gain from cooperation and lose from confrontation.”
“The great rejuvenation of the Chinese nation and making America great again can complement each other,” Xie said.
The remarks came as trade tensions between Washington and Beijing remain unresolved, with a fragile truce scheduled to expire in January. Trump is expected to travel to the southern Chinese city of Shenzhen next week for his third meeting with Xi this year, and trade is likely to be a central issue.
U.S. Trade Representative Jamieson Greer held a video call with Chinese Vice Premier He Lifeng last week. Greer’s office said he pressed Beijing to take “concrete actions to fully implement its past commitments,” particularly those involving agricultural purchases, rare earths and other critical minerals.
China’s official news agency, Xinhua, reported that Beijing used the call to raise concerns about Washington’s restrictions on China’s economy and trade.
