U.S. Treasury Secretary Scott Bessent, a key figure in Donald Trump's administration, said Thursday morning that the United States and China are close to reaching a trade agreement — just under two weeks before harsh tariffs could return.

“I believe we have the foundations for a deal,” Bessent stated on CNBC’s Squawk Box. “There are still a few technical details to be finalized on the Chinese side. I’m confident we’ll get there, but it’s not 100% done yet.”

🔹 Deadline Approaching: August 12 Ceasefire Expires

The current truce on reduced tariffs ends on August 12. Without a new agreement, previous punitive rates could be reimposed — 145% U.S. tariffs on Chinese imports and 125% Chinese tariffs on U.S. goods. Temporary reductions had lowered those to 30% and 10%, respectively, helping to cool tensions and calm global markets.

🔹 Tough Talks, Trump Holds the Pen

Two days of negotiations in Stockholm were intense, Bessent admitted. He hasn’t yet discussed a final agreement with Trump, and the president’s signature is essential for any deal to go through. “The Chinese are tough negotiators. But so are we,” Bessent said.

🔹 More Than Just Trade

Trade isn’t the only sticking point. Washington is increasingly uneasy over China's purchase of Iranian oil and its delivery of tech components to Russia that could serve military uses. While not officially on the trade agenda, these issues are adding to the tension between the two superpowers.

Meanwhile, Trump’s entire tariff strategy is under legal scrutiny. A federal appeals court is now reviewing VOS Selections v. Trump, a case that questions whether the president had the legal authority to impose tariffs under emergency powers.

Trump posted on Truth Social Thursday morning:

“Wishing my brilliant legal team the best of luck in today’s major American case.”

The lawsuit argues that Trump overstepped constitutional limits by bypassing Congress. Neal Katyal, former acting U.S. Solicitor General, stated on MSNBC:

“The Constitution is clear… Only one branch of government has the power to impose tariffs, and it’s not the president or the courts. It’s the United States Congress.”

This high-stakes drama now unfolds on multiple fronts — diplomacy, the law, and presidential power. With the deadline ticking down, the world watches to see whether Trump will once again rewrite the rules of global trade.

#TRUMP , #USPolitics , #Tariffs , #Geopolitics , #ScottBessent

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