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| Treasury Sec’y Scott Bessent |
By David Cohen, Politico
Washington, DC — Treasury Secretary Scott Bessent said Sunday that he expected that China would not impose export controls on rare earths and that the United States would not impose 100 percent tariffs on China.
In separate interviews on NBC, CBS and ABC, Bessent said that trade negotiations with China had been very productive. The talks were in anticipation of President Donald Trump’s meeting with Chinese Premier Xi Jinping this week.
“The president had given me maximum leverage when he threatened 100% tariffs if the Chinese imposed their rare earth global export controls. So I think we have averted that, so that the tariffs will be averted,” Bessent told Martha Raddatz on ABC’s “This Week” about talks with China’s vice premier, He Lifeng.
Bessent added: “We also agreed on substantial agriculture purchases for U.S. farmers. We agreed that the Chinese would begin to help us with the precursor chemicals for this terrible fentanyl epidemic that’s ravaging our country. So I would say that it was a very good meeting overall.”
Trump is to meet with Xi this week on his Asia trip. “I believe that we have the framework for the two leaders to have a very productive meeting for both sides,” Bessent said on NBC’s “Meet the Press.”
Speaking on CBS’ “Face the Nation,” Bessent, who is traveling with Trump in Malaysia, said that the threat of 100 percent tariffs imposed on China had made it possible for the Trump administration to get what it wanted in negotiations.
“President Trump, to give me and the trade team leverage, decided that it would be a good idea for him to threaten a 100% additional tariff, and it did give us a great deal of leverage. President Trump’s very good at creating leverage for us,” he told host Margaret Brennan.
In response to a question from Brennan, Bessent said that a deal over the future of TikTok was set to be finalized.
“We reached a final deal on TikTok. We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea,” Bessent said.
Bessent also addressed concerns that America’s soybeans farmers were taking a huge financial hit because of the ongoing trade war.
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