Treasury Secretary Scott Bessent dismissed the possibility that Chinese investments in the US could be part of any trade pact, comments that narrow the options for the two sides to resolve their running dispute.

U.S. levies on Chinese goods like toys, footwear and furniture could rise sharply if a deal is not approved by Tuesday’s deadline.

U.S. President Donald Trump has targeted top economic rival China with a cascade of tariff orders on billions of dollars of imported goods aimed at narrowing a wide trade deficit, bringing back lost manufacturing and crippling the fentanyl trade.