U.S. Treasury Secretary Praises China Tariff Truce
U.S. Treasury Secretary Scott Bessent expressed satisfaction with the ongoing trade truce between the U.S. and China, the world's largest economies. The two countries extended a tariff ceasefire, originally established in May, for another 90 days, allowing further negotiations on October's unresolved issues. No new tariffs are currently planned.
In a recent interview, U.S. Treasury Secretary Scott Bessent highlighted the effectiveness of the current trade truce agreement between America and China. Both nations are actively engaged in discussions, hoping to resolve outstanding matters without escalating tariffs, which have significantly impacted global commerce.
The truce extension, established last week, provides another 90-day window till November for the two economic giants to negotiate. Initially set in May, the agreement ensures that no new tariffs are imposed, allowing economies to stabilize amid the ongoing diplomatic conversations.
Concurrently, the U.S. is urging China to halt Russian oil purchases to put pressure on Moscow regarding Ukraine. Meanwhile, President Trump held significant diplomatic meetings with Russian and Ukrainian leaders to foster potential resolution pathways.
(With inputs from agencies.)
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