US Finance Minister Scott Besed said on Tuesday that he believes that there will be a decline in US-China commercial tensions, but negotiations with Beijing have not yet begun, and admitted that they would be “difficult”, he said in an investors at the JP Morgan Conference.

Bessed added that the goal of the Trump government was not “disconnecting” the two largest economies in the world.

On the contrary, he said he hoped for a “big, beautiful balancing” of China’s economy for more consumption, and the US economy for more processing, but clarified that it is not clear whether Beijing is ready to do so.

The US minister said that the current situation, with 145% of the US on Chinese products and 125% of Chinese tariffs on US products, is not sustainable, saying that a de -escalation will occur in the “very near future” that will provide “relief” in the markets.

Trump: Will it negotiate duties?

The White House is now negotiating trade agreements with dozens of countries, after President Donald Trump has suspended the toughest of his sweeping duties for 90 days, with Vice President Jay Di Vance visiting India this week to start negotiations.

According to US media, foreign countries say that the suspension of duties will give them a breath to reach agreements with the Trump government.

There is now a basic 10% duty on most imported goods – instead of the highest contributors initially imposed by the Trump government for the goods of many countries – with the exception of China, whose imports will face an additional tariff rate of 125% beyond the existing duties (ie 14%).

More than 75 countries approached the White House to negotiate trade agreements, Trump officials said earlier, and financial adviser Kevin Hasset told FOX last week that there are now “table offers” for 15 countries – though he refused to clarify.

Japan’s leading trading negotiator met with the Trump government last week, with Trump telling Truth Social Thursday that they had a “very productive meeting”, as was Italian Prime Minister George Meloni – a Right -wing ally of Trump – who was “Trump’s ally”.

The Trump government plans to prioritize trade agreements with Japan and other countries around China, NBC News cited an anonymous source of the White House, also referring to negotiations with South Korea and Vietnam as “key priorities”.

But while the government has promised “90 agreements in 90 days”, final agreements have not yet been reached, and other countries do not seem to be so easily given to the Trump government’s goal of putting on “America first”: Japanese Prime Minister Sigeru Isiba said on Monday. United Kingdom Prime Minister Kir Starmer said he will “only conclude an agreement if it is in the national interest”.

Vance said in a speech from India on Tuesday that the Trump government is trying to “balance world trade again” with duties negotiations, arguing that it “wants to work with people and countries” to create “a worldwide and worldwide system”. According to the Guardian, Vans added: “America’s partners do not need to look exactly with America, nor should our governments do everything in exactly the same way, but we should have some common goals.”

The position of the European Union

Indicatively, the EU cut off the scheduled US duties after Trump’s decision to suspend duties for 90 days, but announced additional products on Monday that could be taxed if no agreement was reached. “We want to give the negotiations a chance,” European Commission President Ursula von der Laien said on Thursday, although Bloomberg said Tuesday that talks between the US and the EU have so far made little progress, with anonymous sources reporting that the European Trump for agreement. Europe hoped that Melon would have a better chance to influence Trump than other European officials, for whom the New York Times had trouble planning a meeting with White House officials, and Trump said during his meeting with Meloni that “there would be 100%”.

Will China negotiate with the US?

Trump wrote on Truth Social on April 17 that “every nation, including China, wants a meeting” on his duties, although there is no evidence that the Trump and China government have begun negotiations to relax their trade war. China retained 145% of Trump’s duties in the country by imposing 125% duties on imports of US products. Citing anonymous sources, Bloomberg said on April 16 that Chinese officials want the Trump government to take “certain steps” before they were willing to come to the table. This includes a “bridle” in Vance’s comments after being trade in China, saying that the US “borrows money from Chinese farmers to buy the things that these Chinese farmers build”, which the Chinese government has criticized as “ignorance and disrespect”.

China also wants the Trump government to have a “more consistent” commercial position, and to appoint a person for talks, according to Bloomberg, while also seeking the Trump government to address China’s concerns about US military aid in Taiwan. The Chinese government also issued a statement on Monday, warning that it could react to any country harm China to calm Trump, with a Chinese Commerce Ministry spokesman clarifying: “A calm cannot be brought to peace.” Trump, for his part, claimed to feel comfortable with the duties remaining as they are until China decides to negotiate and spokesman Caroline Levit said on Tuesday that “the ball is on China’s stadium”, arguing: “China must have a deal with us. We do not have to make an agreement with them. “

Will the Trump government remove 10%duties?

It is not yet clear whether the main tariff rate of 10% of the Trump government in most foreign goods could be lifted, or if it came to stay even when countries are negotiating to reduce the highest pause rates. Trump told reporters earlier that he believes that the 10% rate is “the floor”, although there could be limited exceptions.

However, Finance Minister Scott Bessed on Monday declined to say whether the duties of any country could be reduced to zero. “We will see. I do not know what will happen to the negotiations,” he told Bloomberg TV, noting that “there are many things to overcome: duties, non -tariff barriers, trade barriers, monetary manipulation and work subsidy and installations”.

How long will the negotiations last?

Bessed did not give any specific indication of how much time the negotiations could last or whether there could be further extension beyond the 90 -day suspension if the talks have not been over. JPMorgan Chase chief Jamie Daimon assumed in an interview with Fox Business before Trump’s cessation that trade agreements would not be completed quickly, noting that “trade agreements are very large and very complicated” and “cannot be done overnight”.

For his part, US National Economic Council Director Kevin Hasset told Fox on Thursday that trade negotiations could be completed faster than normal trade agreements.