WASHINGTON: US Treasury Secretary Scott Bessent on Wednesday called on China to uphold its commitments under an initial US trade agreement reached in Geneva last month, hours after he and other US and Chinese officials agreed on a new framework to implement the deal.
Bessent said in testimony before the House of Representatives Ways and Means Committee that China has a “singular opportunity” to stabilize its economy by shifting away from excess manufacturing production for export to greater domestic consumption.
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“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.”
Bessent’s testimony did not provide details of the framework agreed with China late on Tuesday after two days of negotiations in London. Bessent departed the talks early to return to Washington for the House hearing.
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