Bessent Pushes Balanced Trade as Trump-Xi Meeting Looms

Treasury Secretary Scott Bessent called Tuesday for a "more balanced" trading relationship between the United States and China, signaling a potential shift in tone ahead of an expected meeting between President Trump and Chinese President Xi Jinping later this month, according to The Hill. Bessent acknowledged that the long-standing U.S. trade imbalance with China has been a persistent source of tension, framing the upcoming diplomatic engagement as an opportunity to reset the economic relationship.

The comments come at a consequential moment for trade policy. Since the Supreme Court's February 2026 ruling in Learning Resources, Inc. v. Trump — which struck down portions of the IEEPA tariff regime and opened the door to refund claims for affected importers — the administration has been navigating both a legal reckoning at home and ongoing strategic competition with Beijing abroad. Any softening of the U.S.-China trade posture could have downstream effects on how remaining tariffs are structured, defended, or renegotiated in the months ahead.

What to Watch: The anticipated Trump-Xi meeting later this month will be the highest-profile trade-related event on the calendar. Watch for any joint statements addressing tariff levels, trade volumes, or dispute resolution mechanisms. On the refund front, importers and trade attorneys should monitor whether diplomatic developments prompt the administration to revisit which IEEPA tariff categories remain legally defensible post-Learning Resources — particularly those tied to China-origin goods that were the subject of the original litigation. Any policy guidance from Treasury or USTR in the run-up to the summit could affect pending refund claims.

— The Tariff.news desk