US Treasury Secretary: Trade deal with China 'within reach'

In a development that has attracted special attention, US Treasury Secretary Scott Bessent expressed rare optimism about the progress of trade negotiations with China.

"This week's talks in Stockholm have advanced our discussions with China, and I believe we have the makings of an agreement that will benefit both of our great nations," Bessent wrote in a post on the social media platform X.

"I am optimistic about the road ahead," he added.

The post was later deleted and reposted. A Treasury spokesperson explained that it was due to a technical error where the attached images were not uploaded correctly, while emphasizing that the content of the post was completely consistent with what Mr. Bessent had said in media interviews this week.

However, Mr. Bessent also appeared cautious. In an interview with CNBC on July 31, the minister affirmed that the US saw progress in the negotiations but emphasized that the agreement was "not 100% complete yet."

He revealed that US negotiators had applied “significant pressure” during the two days of talks in Stockholm, which were aimed at resolving remaining differences after frameworks were agreed in May and June.

Beijing's restrictions on rare earth mineral exports have been a particular point of contention in recent rounds of talks.

China now faces an August 12 deadline to complete a comprehensive tariff deal with the Trump administration. Failure to reach an agreement could see Beijing face a new round of punitive tariffs or other trade restrictions.

The talks are aimed at ending years of tit-for-tat tariff wars and restoring stable economic ties between the world's two largest economies.

Mr. Bessent’s cautiously optimistic tone signals that Washington may be preparing to ease tensions, even as President Trump maintains pressure through tough deadlines and strong tariff threats.