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U.S. President Donald Trump (left) speaks during the swearing-in ceremony for Paul Atkins as chairman of the Securities and Exchange Commission (SEC) in the Oval Office at the White House on April 22. / Source: UPI, Yonhap News

The Trump administration has continued to send conciliatory messages to China amid an ongoing trade war, but formal negotiations between the two countries have yet to commence.

On April 22, U.S. President Donald Trump stated that tariffs on Chinese goods—currently set at a steep 145%—would be significantly reduced as part of future talks. Treasury Secretary Scott Bessent, the administration’s chief trade negotiator, also expressed optimism that the trade tensions would ease through negotiations.

During a swearing-in ceremony for new SEC Chairman Paul Atkins at the White House, Trump was asked whether he would take a hardline approach in trade talks with China. He replied, “No. We’re going to treat them very well, and they will behave very nicely, too. Eventually, they’ll have to negotiate.”

Trump said he expects trade negotiations with China to proceed quickly. While acknowledging that tariffs rose to 145% in part due to issues like the influx of fentanyl and other factors, he added, “It won’t stay that high. It will go down significantly—but not to zero.”

Still, Trump warned, “We’re in a golden age right now, and China wants to be part of it. But if they don’t negotiate, we’ll set the tariffs and the numbers ourselves.”

Separately, Bloomberg reported that Bessent spoke at a private investor event hosted by JPMorgan Chase in Washington, D.C., where he said the current tariff standoff with China is unsustainable and that progress is expected.

According to a transcript obtained by the Associated Press, Bessent acknowledged that negotiations with China haven’t begun but insisted a deal is possible. “I’ll be honest—negotiating with China will be a slog. It’ll take time. But neither side believes the status quo is sustainable,” he said.

He reportedly characterized the current trade relationship—marked by U.S. tariffs of 145% and China’s retaliatory tariffs of 125%—as tantamount to a “trade embargo,” emphasizing that the arrangement cannot last.

Following Bessent’s remarks, the S&P 500 index at the New York Stock Exchange surged 2.5%, reflecting investor optimism.

His comments suggest that the Trump administration recognizes not only the unsustainability of the U.S.-China trade war, but also the limitations of Trump’s own 10% baseline tariff policy and his reciprocal tariff system. The administration’s recent acceleration of trade talks with various countries, including South Korea, is seen as part of this reassessment.

White House press secretary Caroline Leavitt said in a briefing that the U.S. trade team—including Bessent, Commerce Secretary Howard Lutnick, USTR head Jamieson Greer, and White House trade adviser Peter Navarro—is operating at “Trump speed.” She noted that the team is holding meetings with 34 countries this week alone.

Leavitt also stated that more than 100 countries have expressed interest in signing trade agreements with the U.S., and that 18 written proposals have already been submitted.