Bessent Says Upcoming US-China Talks Are ‘The Opposite Of Advanced’ – Confirms Trump Adviser Peter Navarro’s Absence

U.S. Treasury Secretary Scott Bessent downplayed expectations of progress in upcoming trade talks with China, telling lawmakers Wednesday that the “negotiations” set to begin Saturday in Switzerland are far from mature. 

“I said, on Saturday, we will begin, which I believe is the opposite of advanced,” Bessent said during a House Financial Services Committee hearing.

The talks, scheduled for May 9 to 12 in Geneva, will be the first formal engagement between U.S. and Chinese officials since President Donald Trump unveiled sweeping tariffs on Chinese imports in early April. Those duties prompted immediate retaliation from Beijing and triggered volatility across global markets.

Bessent also confirmed that Navarro would not be attending. The U.S. will be represented in the talks only by Bessent and U.S. Trade Representative Jamieson Greer.

Navarro’s exclusion follows sharp criticism from economist Kenneth Rogoff, who argued in The Economist that Trump’s trade stance was accelerating dollar depreciation and labeled Navarro Trump’s ‘Rasputin.’ Rogoff added, “Unless Mr Trump reins in his chaotic trade policy—he could start by firing his Rasputin—America’s luck looks set to run out.”

The Geneva meeting signals a possible shift toward negotiation after weeks of confrontational rhetoric. 

According to both U.S. and Chinese statements, Bessent and Greer are set to meet with China’s top economic policymaker He Lifeng. Discussions will likely include product-specific tariff rollbacks, U.S. de minimis rules, and export control restrictions, according to a report by Reuters.

The tariff standoff has pushed effective U.S. duties on Chinese imports to 145%, while China has imposed a 125% rate on American goods. Trump has delayed some tariffs until July and excluded key categories like smartphones and semiconductors.

“There are 18 important trading partners, and we’re moving forward at all delivered speed with those,” Bessent stated, referring to trade negotiations with countries other than China. “Some of them are quite advanced.”

He said these ‘advanced’ trade deals will be agreements in principle and will be finalized in the coming months. “Once we reach an agreement, then I am sure other countries will live up to [their end],” Bessent explained.

When asked if he has the authority to finalize trade agreements with China or any other trading partner, Bessent responded, “He [Trump] will have the final decision on any trade agreement.”

This weekend’s meeting will be the first since U.S. Senator Steve Daines held discussions with Chinese Premier Li Qiang in Beijing in March.

U.S. equity markets remained flat in midday trade. The SPDR S&P 500 ETF Trust (SPY) edged up by 0.2%, while the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, declined 0.1%. The SPDR Dow Jones Industrial Average ETF (DIA) gained 0.6%.

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Read also: US And China Set Up First Talks Since Trump's Tariffs Mayhem, Signal Possible Truce In Trade War