The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

An alumnus of the first Trump White House assessed that, of Trump’s Cabinet, Bessent seems to be the “most serious person in the room.”