US-China Trade Thaw: Trump Adviser Reveals Hope for Deal Amid Tensions

Speaking to reporters, Hassett said that US President Donald Trump and Chinese President Xi Jinping share a strong personal rapport, which he believes could help pave the way for progress. "President Trump and President Xi are great friends, and Scott Bessent is really one of the best negotiators there ever was. He's a successful businessman. We're still hopeful that we can get this thing worked out," Hassett said.

Acknowledging friction in bilateral relations, Hassett noted that the US had been "frustrated with some of the Chinese actions", calling them "unacceptable" in the past few weeks. However, he suggested that tensions may be easing.

"We were frustrated with some of the Chinese actions; they were unacceptable in the last few weeks. But there has been sort of a thawing of relations over the last few days," he added.

When asked whether a trade agreement could be reached before November 1, Hassett remained cautious but confident.

"We'll see how it goes," he said. "But we've got the top negotiators on Earth, Scott Bessent and President Trump, on the case."

Hassett's comments come amid ongoing efforts to stabilise the US-China economic relationship, which has faced strains over tariffs, technology transfers, and market access.

On Tuesday, Trump stated that Washington would continue with their plans to impose a 155 per cent tariff on Chinese goods imported into the US beginning November 1, despite expressing his desire to maintain amicable ties with Beijing.

"Right now, as of November 1st, China will have about 155 per cent tariffs put on it. I don't think it's sustainable for them," he said.

Trump said while he personally wishes to maintain friendly relations with China, years of one-sided economic dealings have left the US with no choice but to take firm action.

"I want to be nice to China. But China has been very rough with us over the years because we had presidents that weren't smart from a business standpoint... They allowed China and every other country to take advantage of us," Trump added.

Earlier, Trump announced on Truth Social an additional 100 per cent tariff on Chinese goods "over and above any tariff that they are currently paying", effective November 1.

The US President noted that the decision was taken after what he described as China taking "an extraordinarily aggressive position on trade" by sending "an extremely hostile letter to the world".

He also said that export controls will be placed on all critical software starting the same day.

"Based on the fact that China has taken this unprecedented position, and speaking only for the USA, and not other Nations who were similarly threatened, starting November 1, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1, we will impose Export Controls on any and all critical software," his post read.

"It has just been learnt that China has taken an extraordinarily aggressive position on trade in sending an extremely hostile letter to the world, stating that they were going to, effective November 1, 2025, impose large-scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations," it added.

- ANI