Treasury Secretary Scott Bessent appeared on "Face the Nation with Margaret Brennan" last week, sharing updates on US-China trade negotiations and other pressing issues. The two-day meeting between US and Chinese leaders resulted in a significant shift in tariffs, according to Bessent. The US had threatened to impose a 155% tariff on China, but it appears that this threat is now off the table.
Bessent stated that the US and China had a "very good" meeting, with both sides discussing various issues including rare earth magnets, trade, and American agricultural products. The deal includes provisions for Chinese purchases of American soybeans, which were impacted by the tariff war. Bessent expressed optimism about the soybean farmers' prospects, saying that they will be "extremely happy" with the agreement.
However, Bessent also acknowledged concerns raised by Senator John Cornyn's colleague, who pointed out that providing financial assistance to Argentina might inadvertently benefit China by increasing its leverage in US-China trade talks. Bessent countered that this was not the case, as soybean sales were always a given and the Argentine market had lifted export taxes at the time of purchase.
Regarding the Chinese export control regime on rare earth magnets, which are crucial for electronics and automobiles, Bessent stated that it was never imposed in the first place. However, he noted that China threatened to impose this control in December as part of a broader trade package.
The US Treasury Secretary also discussed the deal reached with TikTok, which includes provisions for the app's algorithm and user data. Bessent emphasized that this is a matter for the two leaders to finalize on their upcoming trip to Korea.
Bessent expressed skepticism about Russian claims that US sanctions will have "absolutely no effect" on Russia's economy. He suggested that Russia's oil earnings are down 20% year-over-year, which could lead to increased economic pressure.
The Treasury Secretary also touched upon the recent increase in tariffs on Mexico and Canada by President Trump. Bessent attributed this move to a propaganda campaign launched by the province of Ontario, which aimed to sway public opinion against US trade policies. He suggested that this tactic has damaged US-China relations.
Finally, Bessent addressed concerns about inflation in the United States. While core inflation edged up to 3% in September, he argued that the overall inflation picture is cooling down due to various factors such as falling energy prices and mortgage rates.
In summary, Treasury Secretary Scott Bessent presented a positive outlook on US-China trade negotiations, highlighting significant progress on tariffs and other issues. However, he also warned about potential risks from Russian economic pressure and highlighted concerns over the impact of increased tariffs on Canada and Mexico.
Bessent stated that the US and China had a "very good" meeting, with both sides discussing various issues including rare earth magnets, trade, and American agricultural products. The deal includes provisions for Chinese purchases of American soybeans, which were impacted by the tariff war. Bessent expressed optimism about the soybean farmers' prospects, saying that they will be "extremely happy" with the agreement.
However, Bessent also acknowledged concerns raised by Senator John Cornyn's colleague, who pointed out that providing financial assistance to Argentina might inadvertently benefit China by increasing its leverage in US-China trade talks. Bessent countered that this was not the case, as soybean sales were always a given and the Argentine market had lifted export taxes at the time of purchase.
Regarding the Chinese export control regime on rare earth magnets, which are crucial for electronics and automobiles, Bessent stated that it was never imposed in the first place. However, he noted that China threatened to impose this control in December as part of a broader trade package.
The US Treasury Secretary also discussed the deal reached with TikTok, which includes provisions for the app's algorithm and user data. Bessent emphasized that this is a matter for the two leaders to finalize on their upcoming trip to Korea.
Bessent expressed skepticism about Russian claims that US sanctions will have "absolutely no effect" on Russia's economy. He suggested that Russia's oil earnings are down 20% year-over-year, which could lead to increased economic pressure.
The Treasury Secretary also touched upon the recent increase in tariffs on Mexico and Canada by President Trump. Bessent attributed this move to a propaganda campaign launched by the province of Ontario, which aimed to sway public opinion against US trade policies. He suggested that this tactic has damaged US-China relations.
Finally, Bessent addressed concerns about inflation in the United States. While core inflation edged up to 3% in September, he argued that the overall inflation picture is cooling down due to various factors such as falling energy prices and mortgage rates.
In summary, Treasury Secretary Scott Bessent presented a positive outlook on US-China trade negotiations, highlighting significant progress on tariffs and other issues. However, he also warned about potential risks from Russian economic pressure and highlighted concerns over the impact of increased tariffs on Canada and Mexico.
Tariffs are like a game of chicken, US & China keep negotiating till they blink 
. I mean, a 155% tariff was a crazy threat to begin with, but now that's off the table... it's like they were bluffing or something 
. Rare earth magnets are super important for electronics and cars, so this deal is a big win for the US tech industry 
.
But seriously though, it's great to see American farmers getting some love.
Anyway, it's always good to see some tension between Russia and the West 
.
. I mean, what's up with President Trump and his propaganda campaigns 
? It feels like he's more worried about swaying public opinion than actual trade policy 
. Core inflation is up to 3% which isn't too shabby, but overall prices are still kinda weirding me out 
. Still, if energy prices and mortgage rates keep falling like they have, maybe we're onto something there 
.
maybe we should be more concerned about our reliance on chinese imports rather than just being happy about soybean sales 
.
. I mean, I've seen that movie before. When they said it during the '80s with all those Soviet spies...we thought we knew better back then 
. And now, they're just trying to spin it like they're some kind of innocent victim.
...I think Bessent hit the nail on the head when he said that was just a propaganda campaign from Ontario 
. It's sad, but politicians will do whatever it takes to win an election, even if it means stirring up some controversy.
. And now soybean farmers can breathe easy - Bessent said the deal will make them "extremely happy" 
. Plus, it sounds like China wasn't planning to impose that rare earth magnet control thingy in the first place... so maybe we dodged a bullet there too? 
... wait no, I don't think so 
... but is China really just gonna make them up from scratch if they don't get their way? 
.
! Why can't they just stick to one layout? First, it's like a news article, then suddenly it's like an interview transcript... what's up with that? 
.
. Are we just gonna have to wait and see how this plays out? And what about President Trump's tariffs on Mexico and Canada? Was that really a propaganda stunt by Ontario or was there more to it?
if they're really gonna try to play hardball on sanctions then it could get messy fast 
and what about the tiktok deal? is this just a PR stunt or is china actually going to comply with their demands 
But hey, at least the soybean farmers are happy about that deal 
️
but we'll see how it plays out
China never imposed control on them in the first place... or so Bessent says. But wait, China threatened to impose it as part of a broader trade package? That doesn't add up.
.