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This development should bring markets some relief, he added at the event, which was not open to media.
Wall Street’s major indexes jumped after a news report on Bessent’s comments at the event, which took place on the sidelines of the International Monetary Fund and World Bank’s Spring Meetings.
Bessent said there is a big deal to be done at the end of the day with Beijing, but noted the need for fair trade and said China needs to rebalance its economy.
The Treasury chief stressed as well that the goal is not to decouple with China.
As global finance ministers and central bankers converge in Washington this week, all eyes are on progress of trade talks on the sidelines of the meetings as countries grapple with Trump’s new and wide-ranging tariffs.
