NEW YORK — Treasury Secretary Scott Bessent, speaking ahead of U.S.-China talks, called Tuesday for a "more balanced relationship” between the two countries, saying Americans have grown too dependent on imports.
Addressing a gala hosted by the National Committee on U.S.-China Relations at a New York ballroom, Bessent extolled the countries’ bond as “one of this century’s most consequential relationships” and portrayed ties between President Donald Trump and Chinese leader Xi Jinping as a genuine friendship. But Bessent said reducing U.S. reliance on China was necessary for both countries.
“The American economy has grown too dependent on foreign supply, while China has become increasingly reliant on the foreign demand. In other words, the United States must produce more of what we consume, while China must consume more of what it produces,” Bessent said. “Working together, we can strengthen both our economies.”
That stance, Bessent said, “does not reflect hostility” but seeks to restore “a spirit of reciprocity.”
Xie Feng, the Chinese ambassador to the U.S., echoed calls for “reciprocity,” but told those gathered that “China and the United States stand to gain from cooperation and lose from confrontation.”
“The great rejuvenation of the Chinese nation and making America great again can complement each other,” he said.
The leaders’ comments come as trade tensions with Beijing persist, with a fragile truce set to expire in January. Trump is expected to travel to the southern Chinese city of Shenzhen next week to meet Xi for the third time this year. Trade is likely to be high on the agenda.
U.S. Trade Representative Jamieson Greer had a video call with Chinese Vice Premier He Lifeng last week in which Greer's office said he urged Beijing to take "concrete actions to fully implement its past commitments, particularly as they relate to agricultural purchases, rare earths, and other critical minerals."
China’s official news agency Xinhua reported that China expressed concerns on the call about Washington’s restrictive economic and trade measures against Beijing.
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