Treasury Secretary Scott Bessent Fox Business interview: Expecting a signed China trade deal as soon as next week; President Trump will likely select next Fed Chair before Christmas (687.39)
Mr. Bessent said:
- There was a lot of respect between President Trump and Xi during the meeting.
- China's rare earth export controls will be delayed for one year.
- He is expecting a signed China trade deal as soon as next week.
- China agreed to give the U.S. substantial cooperation on the flow of fentanyl into North America. His team will set measures that China needs to meet. In return, the U.S. cut the fentanyl tariff rate to 10%.
- Section 301 measures targeting China's maritime shipbuilding are suspended for one year.
- The U.S. will integrate shipbuilding with its allies.
- President Trump will likely select the next Fed Chair before Christmas.
- China agreed to purchase 12 million metric tons of U.S. soybeans this year & 25 million metric tons of U.S. soybeans each year thereafter through 2028.
- He is very optimistic about economic growth in 2026. He expects larger tax refunds will be a boost to consumer spending in 2026.
- President Trump also signed trade deals with other Asian nations for soybean purchases.
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