Bessent Urges Balanced US-China Trade Relationship
Treasury Secretary Scott Bessent called for reduced American dependence on China ahead of a planned Trump-Xi meeting in Shenzhen.
Updated on Nov. 11, 2026 in International Trade
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Treasury Secretary Scott Bessent called for a more balanced U.S.-China relationship in a speech at a New York gala hosted by the National Committee on U.S.-China Relations on November 10, 2026. He said the American economy has grown too dependent on foreign supply and that China has become increasingly reliant on foreign demand.
Why it matters
The fragile trade truce between Washington and Beijing is set to expire in January, making the current negotiations consequential for both economies. Bessent said reducing U.S. reliance on China is necessary for both countries and framed the position as seeking reciprocity rather than hostility.
The fragile trade truce between the U.S. and China expires in January 2027, and President Trump is expected to meet Xi Jinping for the third time this year. The source does not detail the specific trade measures under negotiation or the terms needed to extend the truce.
The players
Scott Bessent
Scott Bessent is the U.S. Treasury Secretary, overseeing the nation's economic and financial policy.
Jamieson Greer
Jamieson Greer is the U.S. Trade Representative, the cabinet-level official responsible for leading American trade negotiations.
He Lifeng
He Lifeng is a Chinese Vice Premier who leads China's economic and trade negotiations with the United States.
Xi Jinping
Xi Jinping is the President of China and the country's top political leader.
Donald Trump
Donald Trump is the current President of the United States.
The details
Bessent delivered his remarks at a gala hosted by the National Committee on U.S.-China Relations at a New York ballroom. Separately, U.S. Trade Representative Jamieson Greer held a video call last week with Chinese Vice Premier He Lifeng, during which Greer's office said he urged Beijing to implement past commitments on agricultural purchases, rare earths and critical minerals, while Xinhua reported that China raised concerns about U.S. restrictive economic measures.
Timeline
Last week: Greer holds video call with Chinese Vice Premier He Lifeng.
November 10, 2026: Bessent delivers speech at New York U.S.-China gala.
Next week: Trump expected to travel to Shenzhen to meet Xi Jinping.
January 2027: Fragile U.S.-China trade truce set to expire.
Trade Truce Trajectory
The expiring U.S.-China trade truce sets the framework within which Bessent's call for balance and Greer's push on agricultural and critical mineral purchases will be tested. Renewal in January would depend on whether both sides deliver on commitments made under that truce.
The expiring truce and the outcome of the Shenzhen meeting could shift tariff and purchase conditions that affect importers, exporters and companies with China exposure. Investors tracking trade-sensitive sectors should watch for any announced extension or new commitments before January.
The takeaway
Reducing reliance on a single trading partner is becoming a central theme in U.S. economic policy, and the January truce deadline will show whether that goal can be pursued through negotiation. Readers tracking trade costs should follow the outcome of the Shenzhen meeting closely.
What happens next
The fragile U.S.-China trade truce is set to expire in January 2027, and Trump is expected to meet Xi in Shenzhen next week.
Further reading
For broader context on the trade disputes shaping this relationship, see International Trade coverage.
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