Treasury says tariffs and talks are rebalancing trade; lawmakers press for enforceable China deal details

United States Secretary of the Treasury Scott Bessent told the House Ways and Means Committee he had returned from talks in London and described ongoing, high‑level negotiations with China and other trading partners aimed at rebalancing long‑standing trade deficits.

Bessent said the administration has opened talks with "18 important trading partners" and that recent discussions in London were geared toward a ‘‘longer process’’ to stabilize economic relations with China. He told the panel that the United States is insisting on structural reforms and fairer market access as part of any deal and said, "If China will course correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's largest two largest economies is possible."

Several members on both sides of the aisle pressed the secretary for enforceable terms and an explicit timeline. Representative Linda Sanchez expressed skepticism that a short visit and an administration framework could substitute for the more formal, binding instruments that typically accompany trade agreements. She asked whether the administration would consult Congress and provide the committee with details of any China arrangement; Bessent said the talks were ongoing and that he had flown back overnight to brief lawmakers, but declined a simple yes/no commitment on consultation while negotiations continue.

Republican members who supported tariffs framed them as leverage to secure better deals for U.S. workers and manufacturers and said they would consider limited, phased rollbacks for countries that make enforceable concessions. Democrats and some Republicans warned about costs passed through to consumers and urged the administration to avoid short‑term disruptions to supply chains for critical sectors such as pharmaceuticals and manufacturing inputs.

Ending: Members asked the Treasury and USTR to provide more specific, written detail on proposed commitments and on whether any new arrangements would include independent dispute resolution and monitoring mechanisms like those found in congressional trade agreements. The administration says talks are continuing and that countries negotiating in good faith may see tariff relief as part of a negotiated package.