US Treasury Secretary Scott Bessent on Thursday said he was confident the U.S. and China could strike a trade deal as a key tariff deadline nears.

“I believe that we have the makings of a deal,” Bessent said during an interview on CNBC’s “Squawk Box.”

Bessent did not provide any details on what a final deal with China would look like.

On ongoing talks with China, Bessent described the Chinese as "tough negotiators."

The two sides previously launched aggressive tariff policies against each other and have until Aug. 12 to come to an agreement.

The U.S. had implemented 145% duties in Chinese imports, while China had countered with a 125% rate.

Since then, the U.S. lowered its rate to 30% while China cut to 10%.