U.S. Treasury chief Bessent urges China to honor Geneva trade deal
Investing.com -- U.S. Treasury Secretary Scott Bessent called on China Wednesday to fulfill its commitments under a trade agreement reached in Geneva last month, following new implementation framework talks.
Speaking before the House of Representatives Ways and Means Committee, Bessent emphasized that China has a "singular opportunity" to stabilize its economy by moving away from excess manufacturing production for export toward greater domestic consumption.
"But the country needs to be a reliable partner in trade negotiations," Bessent said in prepared remarks. "If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible."
The Treasury Secretary’s comments came hours after U.S. and Chinese officials concluded two days of negotiations in London, where they agreed on a new framework to implement the Geneva deal. Bessent left the London talks early to return to Washington for his scheduled House committee appearance.
In his testimony, Bessent did not provide specific details about the newly agreed implementation framework that was finalized Tuesday in London.
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