Treasury Secretary sees ‘de-escalation’ in US-China trade relations

Treasury Secretary, Scott Besent, revealed new details about the reported commercial deal that it launched between the United States and China, adding that he has now seen “the escalation of the escalation” directly.

“This is what the leadership seems to be during the era of President Trump. We have peace deals, we have commercial deals, we have tax deals. “We have dealt with each other with mutual respect.

“Part of the agreement was a rare customs tariff and the rare land magnet began to return to the United States that it constitutes the essence of many of our industrial base. It was not flowing at the agreed speed.”

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“I am confident that, as it is OK, the magnet will flow. Meanwhile, we have put counter -measures against the Chinese in place. We have created some vital supplies from them. So what we see here is an escalation under President Trump’s leadership.”

This was announced about two weeks after talks in London that the United States and China had reached a “framework” to implement a commercial deal that highlighted the two sides originally in Geneva.

Then President Donald Trump published the social truth that “our deal with China has been, according to the final approval with President Xi and I.”

This development comes after President Trump settled the customs tariffs of up to 145 % on Chinese goods in the wake of the presidential tariff plans in April, when China took revenge on the United States with its own tariff. The United States and China announced a 90 -day Diettent that included a reduced tariff in May, but both sides accused each other of running on the deal.

“The important thing that must be noticed here is that this is the focus of making trade more just for American workers, for the American people. This happens across the entire spectrum with our trading partners.”

“Therefore, in the first 100 days, we put the peace deals table, commercial deals and tax deals. Now, these hundred days, we all return them home,” the secretary continued. “But this is the focus of fair trade, and it is something that we have not seen in the United States for 40 years.”

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BESSENT indicated that when it comes to China, America can start a strategic separation or persuade the nation exporting more consumption.

“China represents 30 % of the world’s manufacturing, and this is not sustainable,” he said. “So, we’ll see whether they want to be a responsible partner. My feeling is that they do it. As I said, President Trump, the party leader Xi, have a very good relationship, so it is very useful for the leadership to speak there continuously.”

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Fox Business Greg Norman contributed to this report.