Treasury Secretary Scott Bessent mentioned Sunday that further 100% tariffs on China are “successfully off the desk” after a “excellent two-day assembly” with Beijing’s high commerce negotiator.
“I am not going to get forward of the 2 leaders who will probably be assembly in Korea on Thursday, however I can let you know we had an excellent two days,” Bessent mentioned of President Trump and Chinese language President Xi Jinping.
Bessent, who has been main commerce talks with China, appeared Sunday on “Face the Nation with Margaret Brennan” from Kuala Lumpur, Malaysia, the place President Trump started a three-country go to to Asia. Mr. Trump is anticipated to fulfill with China’s president on the Asia Pacific Financial Cooperation summit in South Korea on Thursday.
China is america’ third-largest buying and selling associate after Mexico and Canada, and tariffs on Chinese language imports presently stand at 30%. Earlier this month, President Trump threatened a further 100% tariff on Chinese language imports by early November in a major escalation within the U.S.-China commerce struggle.
Mr. Trump warned that the tariffs would take impact if Beijing could not attain a take care of the U.S., citing new Chinese language export controls. However after the conferences, Bessent mentioned he expects “the specter of the 100% has gone away, as has the specter of the instant imposition of the Chinese language initiating a worldwide export management regime.”
The treasury secretary praised Mr. Trump for giving him and his staff a bonus, saying the specter of a 100% further tariff “did give us quite a lot of leverage”.
“President Trump’s excellent at creating leverage for us,” Bessent added.
On the commerce conferences, Bessent mentioned he and his Chinese language counterpart mentioned “all kinds of points,” from rare-earth magnets to purchases of American agricultural merchandise to the Chinese language serving to fight the fentanyl disaster within the U.S. He additionally mentioned the TikTok deal introduced final month is set to be finalized on Thursday.
