China Trade Talks Resume: Will Negotiations Favor Trade Fairness or Full Decoupling?
Key takeaways
- Bessent hints at desire for trade fairness as trade talks with China resume
- Hilsenrath envisions a similar look to split cabinet of Trump’s first term
- Desire to ‘level the playing field’ is the ultimate goal
Appearing recently on Yahoo Finance, StoneX Senior Advisor Jon Hilsenrath shared his thoughts regarding Treasury Secretary Scott Bessent’s announcement of U.S.-China trade negotiations resuming Saturday, May 10th. Signals from the administration suggest a more measured, sector-specific approach to trade policy — one that avoids full economic decoupling in favor of promoting fairness.
In a recent interview with Fox, Bessent emphasized that the administration does not seek “a full decoupling” from China, a notable departure from past hawkish rhetoric. Instead, he stressed a strategy centered on equitable treatment and sustainable competition in trade.
Commenting on the renewed trade talks, Hilsenrath drew parallels to the internal policy struggles of the Trump administration’s first term, noting, “What we saw in 2018 and ‘19 was pretty intense competition among the president's own advisors…you had people like Peter Navarro, who wanted to take a very aggressive stance on tariffs, and then you have the Treasury Secretary at the time, Stephen Mnuchin, who was more inclined to negotiate.”
Hilsenrath predicts a similar dynamic playing out now, highlighting a recurring “competition, not only among the trade partners to get a good deal, but among the president's own advisors” who influence policy direction behind closed doors. “Scott Bessent wants to negotiate,” he added, contrasting the more confrontational stance from others within the administration.
With negotiations set to begin, observers expect a more nuanced path forward, avoiding sweeping tariffs and instead targeting specific sectors where the U.S. seeks a level playing field.
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Written by: Alex Mednick
Expert: Jon Hilsenrath, StoneX Senior Advisor
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