Treasury Secretary Scott Bessent said the Chinese Communist Party did not follow through on its previous trade deal with the United States because the Biden administration did not hold up its end of the deal.

The Treasury secretary cited progress and promised more details Monday. Beijing said the two sides agreed to start a formal negotiation process.

U.S. negotiators said Sunday that “substantial progress” was made and “perhaps the differences weren’t so large” after two days of negotiations with a high-ranking Chinese delegation on ways to