Bessent Strikes Trade Deal With China, Details Tomorrow
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UPDATE: U.S. will lower tariffs on Chinese goods to 30% from 145%, and China will reduce duties on U.S. imports to 10% from 125%.
Dollar surges against Yen and Euro on tariff suspension, reported Fox News.
Treasury Secretary Scott Bessent has been the Trump cabinet member with his ear closest to the financial class, as the Trump tariff policy roiled Wall Street global interests.
Therefore, he is likely the one most interested in striking a deal with China, of all the Trump advisors and appointees.
Bessent just met with CCP officials and seems to have struck a deal...details to follow.
He said the talks yielded “a great deal” of productivity and that he would give more details in a complete briefing on Monday morning, reported CNBC.
Bessent also said that he and U.S. Trade Representative Jamieson Greer both spoke to President Donald Trump on Saturday evening and “he is fully informed” about the discussions.
Greer said during remarks on Sunday that the officials reached some form of a “deal,” but did not provide any specifics. He hailed the discussions as “very constructive.”
“It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,” Greer said.
“We’re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency,” he added.
