Washington — In a recent appearance on CBS’s “Face the Nation,” Treasury Secretary Scott Bessent expressed his optimism regarding the ongoing trade dispute between the United States and China, stating he is “confident” that the situation will be resolved during a forthcoming conversation between President Trump and Chinese President Xi Jinping.
This optimism comes on the heels of President Trump’s remarks made late last week, where he accused China of violating its trade agreement with the U.S.
Bessent hinted that a call between the two leaders is imminent, stating, “I believe we’ll see something very soon.”
President Trump indicated in April that he had spoken to President Xi about tariffs, although Beijing denied the occurrence of such a direct conversation. Ever since taking office, Trump has expressed his intention to communicate with Xi, but as of yet, no formal arrangements for such discussions have been made public.
Despite a temporary easing of tariffs agreed upon by the U.S. and China weeks ago, Trump declared on Friday that China had violated the trade agreement, although he did not provide specifics regarding the alleged breaches.
In a post on Truth Social, Trump articulated his perspective, saying, “I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn’t want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual.”
However, he followed this statement with a claim that “China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!”
Last month, both countries agreed to a 90-day suspension of most tariffs, significantly decreasing U.S. tariffs on Chinese goods from 145% to about 30%. Meanwhile, China has reduced its levies on American imports to 10%.
White House deputy chief of staff Stephen Miller emphasized during a press briefing that China had “abrogated the agreement,” asserting that the nation failed to meet its commitments.
“China did not fulfill the obligations that it made and committed to with the United States. And so that opens up all manner of action for the United States to ensure future compliance,” Miller stated.
He reiterated President Trump’s hope that China will opt for a cooperative approach to strengthen U.S.-China relations, aiming to ensure that American businesses have similar access to the Chinese market as they have provided to Chinese businesses in the U.S.
During his interview, Bessent pointed out that some of the products China is withholding include essential materials, particularly critical minerals utilized in high-tech industries like computer chip manufacturing and electric vehicle battery production.
He mentioned that the export of rare earths appears to be a focal point of the current disagreement.
“The fact that they are withholding some of the products that they agreed to release during our agreement — maybe it’s a glitch in the Chinese system, maybe it’s intentional,” Bessent noted.
He expressed that clarity on the matter may emerge once the President communicates with the Chinese party chairman.
The trade dispute unfolds against the backdrop of broader geopolitical tensions, including military concerns regarding China’s intentions towards Taiwan.
Secretary of State Marco Rubio also stated that the administration intends to “aggressively revoke” the visas of certain Chinese international students.
When asked if this escalating standoff was a deliberate strategy, Bessent replied, “I don’t think it’s intentional.”
He further explained that the aim is to manage risk, particularly after experiences during the COVID pandemic, emphasizing that the U.S. does not seek to “decouple” from China.
Bessent concluded by stating, “What China is doing is they are holding back products that are essential for the industrial supply chains of India, of Europe. That is not what a reliable partner does.”
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