:max_bytes(150000):strip_icc()/GettyImages-2229134517-a19d4985fbe1467f9583167561f9116c.jpg "Bessent Says US ‘Very Happy’ With China Tariff Arrangement")
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KEY TAKEAWAYS
- Treasury Secretary Scott Bessent said the U.S. is “very happy” with the current tariff situation with China, indicating there likely won’t be any immediate changes to the trade truce between the two countries.
- Earlier this month, President Donald Trump extended the trade truce for another 90 days, hours before tariffs imposed on China were due to spike.
- Bessent said in an interview with Fox News on Tuesday that “China is now the biggest revenue line in the tariff income.”
Treasury Secretary Scott Bessent said the U.S. is “very happy” with the current tariff situation with China, indicating there likely won’t be any immediate changes to the trade truce between the two countries.
Earlier this month, President Donald Trump extended the trade truce for another 90 days, hours before tariffs imposed on China were due to spike.
“We’re very happy,” Bessent said in an interview with Fox News on Tuesday.
“China is right now the biggest revenue line in the tariff income—so if it’s not broke, don’t fix it,” Bessent said. “We have had very good talks with China. I imagine we will be seeing them again before November.”
“I think right now the status quo is working pretty well,” he added.
The two sides have reduced their tariffs on each other since May, though they remain at elevated levels. Curbs by Beijing on the exports of rare earth minerals to the U.S. and restrictions by the Washington on the sale of U.S.-made computer chips have also been eased.
