The clock is now running, and both sides know it.
In Paris, the world's two largest economies returned to the negotiating table — not for the first time, and likely not for the last — carrying the weight of tariffs, rare earths, and a Middle East in crisis. The meeting, the sixth in a series that began in Geneva, serves as preparation for a Trump visit to Beijing, but it unfolds in a landscape reshaped by a Supreme Court ruling that stripped Washington of its sharpest leverage. What both sides are searching for, beneath the diplomatic formulas, is a durable arrangement before legal clocks run out and energy disruptions deepen into something harder to manage.
- A Supreme Court ruling striking down Trump's emergency tariff authority arrived like a sudden shift in wind, leaving Washington to negotiate with a weaker hand than it brought to the previous five rounds.
- China has not surrendered its own pressure points — rare earth export restrictions continue to squeeze American aerospace and semiconductor manufacturers facing shortages of critical materials like yttrium.
- The closure of the Strait of Hormuz has injected raw urgency into the talks, threatening 45 percent of China's crude imports and roughly a fifth of global oil supply, making energy security a shared anxiety at the table.
- A new U.S. trade investigation into Chinese commercial practices landed mid-week, introducing fresh friction even as delegations were boarding planes to Paris.
- The 150-day expiration of Trump's current tariff mechanism — arriving around mid-July — is the quiet clock in the room, pressing both sides toward agreement before the legal window closes entirely.
On a Sunday morning in Paris, delegations from Washington and Beijing sat down for the sixth round of a bilateral trade mechanism that began in Geneva last May. Treasury Secretary Scott Bessent and trade representative Jamieson Greer led the American side; Vice Premier He Lifeng and chief negotiator Li Chenggang represented China. They worked through the day and into plans for Monday, with the explicit goal of preparing the ground for Donald Trump's upcoming visit to Beijing.
The agenda covered familiar terrain — tariffs, technology export controls, rare earth minerals, and Chinese purchases of American agricultural goods — but the terrain itself had shifted. In February, the U.S. Supreme Court struck down, six to three, the emergency tariff authority Trump had wielded as Washington's primary negotiating instrument. Trump responded with a flat 15 percent tariff under a different legal mechanism, but that authority expires in roughly 150 days, near mid-July. Analysts at major policy institutions noted that Beijing arrived in Paris with considerably more room to maneuver than in previous rounds.
China, for its part, retains its own leverage: control over rare earth exports essential to aerospace and semiconductor manufacturing. American companies are already facing shortages of yttrium, used in heat-resistant jet engine coatings. Meanwhile, the closure of the Strait of Hormuz following military operations against Iran has disrupted roughly 20 percent of global oil supplies — a particular vulnerability for China, which routes about 45 percent of its crude imports through that passage. The energy crisis has sharpened Washington's interest in securing mineral agreements as well, given military demand for critical materials.
Public statements from both sides were measured but not discouraging. Bessent described economic dialogue as advancing; China's Commerce Ministry invoked its standard language about addressing questions of mutual interest. The previous five rounds, held across Geneva, London, Stockholm, Madrid, and Kuala Lumpur, produced the Busan trade truce at last year's APEC summit, under which China committed to purchasing tens of millions of metric tons of American soybeans — commitments Treasury officials say Beijing has honored.
Yet the atmosphere is not without friction. A new U.S. trade investigation into Chinese commercial practices was launched this week, and Chinese exports to the United States fell 11 percent in early 2026 even as China's broader global exports grew sharply. Paris will test whether the urgency of expiring legal authority, scarce minerals, and disrupted energy supplies is enough to push two cautious powers toward something more durable than a truce.
Delegations from Washington and Beijing sat down in Paris on Sunday to resume the kind of trade talks that have become the backbone of managing the world's most consequential economic relationship. The Americans brought Treasury Secretary Scott Bessent and trade representative Jamieson Greer. The Chinese sent Vice President He Lifeng and chief negotiator Li Chenggang. They began at just after ten in the morning and worked until six that evening, with plans to continue Monday. The real purpose was to clear the ground ahead of Donald Trump's planned visit to Beijing later in the month.
This was the sixth meeting in a bilateral mechanism that started in Geneva last May. On the table: the tariffs currently in place, restrictions on advanced technology exports, the trade in strategic minerals—particularly rare earths—and China's purchases of American agricultural goods. The talks happen against a backdrop that has shifted dramatically since the last five rounds. In February, the U.S. Supreme Court struck down, six votes to three, the tariffs Trump had imposed using emergency economic powers. That ruling removed what had been Washington's sharpest negotiating tool. Trump responded by imposing a flat 15 percent tariff under a different legal mechanism, but that one expires in 150 days, around mid-July. The clock is now running.
The court decision strengthened China's hand considerably. Analysts at the Council on Foreign Relations and the Center for Strategic and International Studies noted that Beijing arrives in Paris with more room to maneuver now that Washington has lost its quickest tariff response. China, meanwhile, still controls one of its most effective pressure points: the ability to restrict exports of rare earths, materials essential to aerospace and semiconductor manufacturing. American companies in those sectors face growing shortages of yttrium, an element used in heat-resistant coatings for jet engines.
Another layer of pressure comes from the Middle East. The closure of the Strait of Hormuz following U.S. and Israeli military operations against Iran has cut off roughly 20 percent of global oil supplies. For China, the dependence runs deeper—about 45 percent of its crude imports move through that passage. The energy disruption creates urgency for both sides. For Washington, the conflict has also sharpened the need for critical minerals for military use, which reinforces the incentive to reach agreements with Beijing on rare earths.
The public signals from both capitals suggest movement, though carefully worded. Bessent said Thursday that economic dialogue between the two countries "advances," a statement the Treasury Department released before the Paris trip. China's Commerce Ministry issued a statement Friday saying both sides would address "commercial and economic questions of mutual interest," the standard formula Beijing uses for these meetings. The state news agency Xinhua published commentary Sunday arguing that "significant" progress in bilateral cooperation could restore confidence to a global economy that is "increasingly fragile."
The five previous rounds of talks, held in Geneva, London, Stockholm, Madrid, and Kuala Lumpur between May and October of last year, led to the Busan trade truce that Trump and Xi Jinping agreed to at the Asia-Pacific Economic Cooperation summit in South Korea. Under that one-year agreement, China committed to buying 12 million metric tons of American soybeans in the 2025 harvest and 25 million in 2026. Treasury officials say Beijing has kept those commitments so far.
But the picture is not entirely one of easing tensions. This week, the Trump administration launched a new investigation into Chinese commercial practices under trade law, introducing fresh friction into the Paris negotiations. Chinese exports to the United States fell 11 percent in the first two months of this year compared to the same period last year, though China's total exports to the rest of the world grew about 22 percent in that same span. The talks in Paris will test whether both sides can navigate the narrowing window before Trump's tariff authority expires, and whether the urgency created by energy disruptions and mineral scarcity can push them toward a durable agreement.
Citas Notables
Economic dialogue between the two countries advances— Treasury Secretary Scott Bessent
Significant progress in bilateral cooperation could restore confidence to a global economy that is increasingly fragile— Xinhua (Chinese state news agency)
La Conversación del Hearth Otra perspectiva de la historia
Why does a Supreme Court ruling about tariffs matter so much to these negotiations?
Because it took away Trump's fastest weapon. He could impose tariffs almost immediately under emergency powers. Now he has to use a different law that expires in July. That's a hard deadline, and China knows it.
So China has leverage because of time?
Partly. But also because they control rare earths. American companies need those materials and can't easily get them elsewhere. China can restrict exports. That's real power.
What does the Middle East have to do with soybean purchases and semiconductors?
Oil. China imports 45 percent of its crude through the Strait of Hormuz, which is now closed. That's a crisis for them. They need stability and deals that work. It makes them more willing to negotiate seriously.
Is Trump's visit to Beijing a sign things are improving?
It's a sign both sides want to avoid escalation. But the new investigation into Chinese practices this week shows the tension is still there. They're talking, but they're also preparing for conflict.
What happens if they don't reach a deal by July?
Trump's current tariff authority expires. He'd have to find another legal tool or Congress would have to act. Either way, the uncertainty itself is damaging to business planning on both sides.