US Treasury Secretary Bessent: China trade talks to begin Saturday

United States (US) Treasury Secretary Scott Bessent reaffirmed that US-China trade talks will begin on neutral ground when delegates from the two countries meet in Switzerland this weekend.

Key highlights

Bessent declines to say which countries the US could reach trade deals with this week, saying it would be detrimental to US interests.

Some trade negotiations are quite advanced towards agreements in principle.

China negotiations will begin on Saturday in Switzerland. Trump Trade Adviser Navarro won't be joining China talks in Geneva.

Talks with China on Saturday are a beginning for talks, not advanced discussions.

The Treasury market was well functioning in the April turmoil. We and the Fed have a very large toolkit for Treasuries.

There is broad investor support for Treasuries in auctions.

It is time for China to graduate from developing country status.

The US will always meet its debt obligations.

Many bank capital regulations may be too tight.

The unfettered ability to borrow has made US more prolific.

The market may discipline us one day. We're working to avoid it.

The conditions for a strong dollar are important for confidence.

I believe the debt-to-GDP ratio will drop next year.