WASHINGTON: US Treasury Secretary Scott Bessent stated on Tuesday (Jul 22) that he’ll meet his Chinese language counterpart subsequent week and talk about what’s more likely to be an extension of an Aug 12 deadline for larger tariffs.
Bessent advised Fox Enterprise Community’s Mornings With Maria program that commerce with China was in “an excellent place” and the conferences in Stockholm would happen subsequent Monday and Tuesday.
“I feel we have truly moved to a brand new stage with China, the place it’s extremely constructive and … we’re going to have the ability to get lots of issues achieved now that commerce has sort of settled in at a superb stage,” Bessent stated.
Whereas a earlier tariff truce was centered on restarting the circulate of Chinese language uncommon earth metals and US semiconductor software program and supplies, Bessent stated that in Stockholm, Trump administration officers would talk about different points, together with decreasing China’s over-reliance on manufacturing and exports.
“Hopefully we will see the Chinese language pull again on a few of this glut of producing that they are doing and focus on constructing a shopper economic system,” Bessent stated.
He stated he additionally desires to concern warnings to China about persevering with to purchase sanctioned Russian and Iranian oil and China’s efforts to help Russia’s conflict towards Ukraine.
Bessent stated that there was bipartisan assist within the US Senate for laws geared toward imposing tariffs of 100 per cent on items from international locations that proceed to purchase Russian oil, specifically China and India.
“I’ll be in contact with my European counterparts. The Europeans which have talked a giant recreation about sanctioning Russia, and it will be essential for the Europeans to even be keen to placed on these excessive stage of secondary tariffs for sanctioned Russian oil.”
He stated that the US was poised to announce “a rash of commerce offers” with different international locations, and Japan may very well be amongst these regardless of an election setback for Japan’s ruling get together and tough negotiations.
“I would not be shocked if we aren’t in a position to iron out one thing with Japan fairly rapidly,” Bessent stated.
Nonetheless, he stated that for many international locations, tariffs would “boomerang” again in the direction of Apr 2 ranges from the present 10 oer cent, however negotiations on commerce offers might proceed.
