Treasury's Bessent says China opening to US goods could rebalance relations

US Treasury Secretary Scott Bessent said on Thursday (June 12) that the trade relations between China and the U.S. could rebalance if Beijing is willing to increase market access for American products.

Bessent was testifying before a U.S. Senate Finance Committee hearing. He said that President Donald Trump seeks to boost manufacturing and reduce the trade deficit.

Bessent also said that U.S. and Chinese negotiators meeting in London this week did not discuss the disposition of TikTok as a June 19 deadline looms for China-based ByteDance to divest the short video platform or face a U.S. shutdown.