US doesn't want to decouple with China: Bessent

U.S. Treasury Secretary Scott Bessent reiterated on Tuesday that the United States doesn't want to decouple with China as the two sides wrapped up the latest round of "constructive" trade talks in Stockholm, Sweden.

Speaking at a press briefing after the conclusion of the two-day China-U.S. economic and trade talks in the Swedish capital, Bessent said the latest meeting has continued to build on the progress of the previous discussions in Geneva in May and London in June. "I'm happy to say that London built on Geneva, Stockholm built on London and Geneva. I think we had great momentum going into the meeting. So now here you have the two largest economies in negotiation. And as I've said before, and we reiterated to them (the Chinese side), we don't want to decouple," said Bessent.

In a separate briefing, China's international trade representative with the Ministry of Commerce and vice minister of commerce Li Chenggang said that the economic and trade teams of China and the United States held in-depth, candid and constructive exchanges over important topics of mutual interest.

The two sides will continue pushing for the continued extension of the pause on the 24 percent "reciprocal tariffs" imposed by the U.S. side, as well as the counter measures taken by the Chinese side, said Li.

Both sides are fully aware of the importance of safeguarding stable and sound China-U.S. economic ties, Li said, adding that the two sides held candid exchanges over each other's major trade and economic concerns.

They also reviewed the implementation of the consensuses reached at the Geneva and London meetings and gave full affirmation to the progress made, Li said.

Chinese and U.S. economic and trade teams will maintain close communication, conduct timely exchanges on trade and economic issues, and continue to promote the stable and healthy development of bilateral economic and trade relations, Li added.

US doesn't want to decouple with China: Bessent

US doesn't want to decouple with China: Bessent

US doesn't want to decouple with China: Bessent

As much as 37 percent of Americans saw their debt increase during this year's holiday shopping season, with average debt rising to 1,223 U.S. dollars from 1,181 dollars last year, according to the latest holiday debt survey of LendingTree, the nation's online loan marketplace.

The survey, conducted earlier this month among more than 2,000 U.S. consumers, found that rising tariffs and higher prices have put additional pressure on household budgets.

In a statement, LendingTree's chief consumer finance analyst Matt Schulz said the strain becomes more pronounced during the holiday season, as many consumers are reluctant to change long-standing shopping traditions, even as costs rise, leading to higher debt levels.

According to the survey, 63 percent of borrowers expect it will take three months or longer to repay their holiday-related debt, while about 41 percent said they are still paying off debt from last year. Schulz warned that if borrowers need six months to a year or more to repay their balances, the situation becomes more serious due to high credit card interest rates.

Data from Bankrate show that the average U.S. credit card interest rate currently exceeds 20 percent.

Meanwhile, U.S. consumers have grown increasingly pessimistic about their financial situation. Data released on Tuesday by The Conference Board showed that the U.S. Consumer Confidence Index fell for the fifth consecutive month in December, dropping to 89.1, the lowest level since April, amid deepening anxiety over jobs and income.

Over one-third of Americans rack up holiday debt: survey