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U.S. Treasury Secretary Scott Bessent told CNBC on Monday that he expects to see progress in U.S.-China trade talks in the coming weeks, stating that President Donald Trump’s 145% tariffs on the country were not sustainable.

But Bessent did not comment on whether active trade talks with China were happening.

“I think we could see substantial progress in the coming weeks… 145%, 125% tariff levels are the equivalent of an embargo,” Bessent said in an interview with CNBC.

He also noted that the U.S. had the high ground in the trade conflict, stating that the U.S. was the “deficit country” and that China, the “surplus country,” had more to lose.

When questioned over whether negotiations were happening, Bessent said “we’ll see over the coming weeks, we’ll see what President Trump wants to accept.”

Bessent’s comments come amid heightened uncertainty over whether U.S.-China trade talks are taking place, after the two countries became embroiled in a bitter trade war in April. Trump slapped China with 145% tariffs, while China retaliated with 125% tariffs.

But while Trump claimed that Chinese trade talks were taking place, China denied that any negotiations had happened. Trump also signaled little intent to hold immediate talks with Chinese President Xi Jinping.

China did signal some openness to trade talks last week, claiming that U.S. officials had reached out with the intent to negotiate. But Beijing said it will not engage in talks until the U.S. brings down its steep tariffs on the country.

Trump has signaled that he is open to lowering tariffs on China, but will not do so until Beijing comes to the negotiation .

Trump claimed on Monday that China wanted to make a deal “very badly,” although he did not clarify whether Beijing had reached out.

Source: Investing

India and the UK agreed a trade deal aimed at boosting economic ties between the world’s fifth and sixth-largest economies, as Washington’s disruptive tariff policies continue to reshape global trade.

“The conclusion of a balanced, equitable and ambitious FTA, covering trade in goods and services, is expected to significantly enhance bilateral trade, generate new avenues for employment, raise living standards, and improve the overall well-being of citizens in both countries,” the Indian government said in a statement Tuesday. “It will also unlock new potential for the two nations to jointly develop products and services for global markets.”

The deal is a critical one for UK Prime Minister Keir Starmer and his Indian counterpart Narendra Modi as countries globally race to insulate themselves from the fallout of US President Donald Trump’s tariff wars. For India, the deal burnishes its credentials as an emerging destination among investors looking to diversify away from China.

Source: Bloomberg Europe

source :finance.yahoo

Chart of the day – Bullish momentum remains intact for Hong Kong 33

Fig 2: Hong Kong 33 CFD Index minor trend as of 6 May 2025

source : marketpulse

The U.S. Trade Balance, a key indicator of the nation’s economic health, has reported a larger deficit for the most recent period. The actual figure came in at -$140.50 billion, indicating that the U.S. imported significantly more goods and services than it exported.

This actual number not only surpassed the forecasted deficit of -$136.80 billion but also exceeded the previous deficit of -$123.20 billion. The widening of the trade deficit signals a potentially worrying trend for the U.S. economy, as it implies that more money is leaving the country to pay for imports than is coming in from exports.

The Trade Balance measures the difference in value between imported and exported goods and services over a reported period. A positive number indicates that more goods and services were exported than imported, which is generally seen as a favorable situation for a country’s economy. Conversely, a negative number, or trade deficit, signifies that a country is importing more than it’s exporting, which can lead to job losses in certain sectors and an increase in foreign debt.

The higher than expected reading of the trade deficit is likely to be interpreted as negative or bearish for the U.S. dollar. This is because a trade deficit means that more U.S. dollars are being exchanged for foreign currencies to pay for imports, which can put downward pressure on the dollar’s value.

The widening of the trade deficit comes at a time when the U.S. is grappling with various economic challenges. It underscores the importance of strengthening the nation’s export capabilities and reducing its dependence on imports.

In the coming months, investors and policymakers will be closely monitoring the Trade Balance figures, as they play a crucial role in shaping the country’s economic policies and the value of the U.S. dollar. It remains to be seen how the U.S. will address its growing trade deficit and what impact this will have on its economy and currency.

Source: Investing