Bessent Calls For Balanced U.S.-China Trade Relations

Treasury Secretary Scott Bessent emphasized the need for a "more balanced" trading relationship between the U.S. and China, describing it as a "source of friction" for the American economy. He noted that the U.S. has become "too dependent" on foreign supply. Census data shows that the U.S. trade deficit with China reached a 20-year low last year, with American firms importing over $200 billion more in goods than what Chinese businesses imported from the U.S.

Bessent's remarks come ahead of President Donald Trump's meeting with Chinese President Xi Jinping later this month, as the administration aims to encourage Americans to produce "more of what we consume." Bessent highlighted the importance of U.S.-China engagement, stating, "Never before have our leaders engaged face-to-face so often in a single year," as reported by Bloomberg.

In addition to trade discussions, Bessent announced a new dialogue with China on superintelligence, initiated at Trump's direction. This dialogue aims to address risks and ensure that human judgment remains in charge of technology. Bessent mentioned that the U.S. and China are establishing a communication line to alert each other about serious incidents involving superintelligence models, according to Quartz.

The upcoming meeting in Shenzhen will be the third between Trump and Xi this year, following Trump's May visit to Beijing and Xi's September visit to Washington. The Shenzhen meeting will occur on the sidelines of the Asia-Pacific Economic Cooperation Leaders' Meeting on November 18-19.