U.S. Treasury Urges China's Trade Commitment

U.S. Treasury Secretary Scott Bessent has called on China to honor its commitments under a U.S. trade agreement formalized in Geneva last month. His appeal came shortly after U.S. and Chinese officials reached a new framework to implement the deal.

Testifying before the House of Representatives Ways and Means Committee, Bessent emphasized China's "singular opportunity" to stabilize its economy by reducing excess production for export in favor of boosting domestic consumption.

Bessent remarked that China's reliability as a trade partner is crucial. He stated that China's commitment to the initial trade agreement could lead to a significant rebalancing of the world's largest economies. However, details of the newly agreed framework remain undisclosed as Bessent had to return to Washington early for the hearing.

(With inputs from agencies.)