Bessent’s comments on Fox News indicated that relations with China’s ruling Communist Party are beginning to ease ahead of the November 10 expiration of the trade truce between the world’s two largest economies.
The US-China trade war had led to the imposition of reciprocal tariffs and created uncertainty for businesses and investors. Responding to a question from Fox News correspondent Laura Ingraham, Bessent emphasized that the two countries reached an agreement last week not to apply high tariffs and that they are having “very good discussions” with China.
Bessent stated, “The largest revenue from tariffs currently comes from China. If it isn’t broken, there is no need to fix it. I think we will meet again before November.” He also noted that China has started shipping rare earth magnets, the US has lifted some measures, and the current situation is working quite well.
According to Axios, the original deal reduced US tariffs on Chinese goods from 145% to 30% and restarted the flow of critical rare earth minerals from China.
Meanwhile, Secretary of State Marco Rubio emphasized that there is a “strong desire” on both sides for a meeting between President Trump and Chinese President Xi Jinping, but no date has yet been set.
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