U.S.-China Trade Framework: A Step Toward Stabilization

U.S. Treasury Secretary Scott Bessent announced on Wednesday that a framework agreement has been reached with China in London. The agreement is designed to implement last month's tariff-reducing trade deal, which is expected to help stabilize the economic relationship between the U.S. and China.

Speaking during a U.S. House of Representatives Ways and Means Committee hearing, Bessent stressed that China must address its domestic challenges, such as a lingering real estate crisis, and work towards increasing consumer spending.

According to Bessent, it is crucial that China not rely solely on exports to achieve economic prosperity, suggesting that internal economic reforms are necessary for sustained growth.

(With inputs from agencies.)