Treasury Secretary Scott Bessent said Tuesday he is optimistic that the U.S. and China are closing in on a trade agreement. In an interview with CNBC, he noted that upcoming talks ahead of November’s scheduled reciprocal tariffs have become increasingly productive. 

Bessent suggested Beijing now recognizes that a deal is within reach, even after months of back-and-forth since tariffs were first announced in April. 

While China initially faced duties as high as 145%, those measures have been suspended through Nov. 10 to allow negotiations to continue. He also highlighted that U.S. allies are frustrated by the surge of Chinese goods into their markets, a dynamic adding urgency to the talks. 

Finum: With the U.S. trade deficit with China already narrowing sharply in 2025, there could be a strong incentive to reach a trade deal as soon as possible.