Treasury Secretary Scott Bessent: 'I believe we have the makings of a deal' with China

Trade Agreements & Negotiations - South Korea agreed to 15% tariffs and will purchase a substantial amount of US energy and invest in the US [3][4] - The US removed many trade and non-tariff barriers with South Korea, expecting increased exports [5][6] - The US is in negotiations with India, but is frustrated with their slow progress and purchase of sanctioned Russian oil [7][8] China Trade Discussions - US and China met for two full days in Stockholm, led by Vice Premier Julie Fun [9][10] - The US believes there are the makings of a deal with China, though some technical details remain [11][12] - The US disputes claims that China gained leverage in negotiations through rare earth mineral export controls [13][14][15] Geopolitical & Economic Context - Negotiations with China are complex due to it being both the largest economic and military rival [16][17]