U.S. Treasury official Scott Bessent said several large trade deals are nearing completion and that a potential call between President Donald Trump and Chinese President Xi Jinping may be needed to resolve complex issues in ongoing talks.
He says China talks are slightly stalled but expects more discussions in the next few weeks.
In an interview with Fox News on Thursday, Bessent said the U.S. is seeing “substantial” tariff income and insisted that trade partners are engaging “in good faith.” He added there’s been “no change in their attitudes in the past 48 hours.”
"The president has the right to set the trade agenda for the U.S.," Bessent said, reaffirming the administration’s position as the White House continues to defend Trump’s tariff actions, even after a court ruling temporarily blocked them.
Bessent noted that China’s involvement remains critical: “The talks are complex enough that both leaders will need to weigh in. I’m confident the Chinese will step in,” he said. He also suggested that a call between Trump and Xi may happen at some point, as diplomatic momentum builds.
He further projected that the U.S. federal deficit will be smaller this year compared to last, citing increased tariff revenue. Bessent added that rising productivity could help fuel further economic growth, saying, “A productivity increase could add a point to GDP in the next 12 or 24 months.”
On digital assets, Bessent revealed that the Treasury Department has permanently incorporated several members of the DOGE team, originally associated with Elon Musk. “Musk did some important work, but DOGE will not end with Elon,” he said, without elaborating on future plans.
The remarks come amid heightened attention to U.S.-China relations, digital finance policy, and speculation around upcoming announcements from the Trump administration on trade, tech, and economic strategy.
Data from the European Forest Fire Information System (EFFIS), part of the Copernicus European Environmental Monitoring Programme, shows that 411,315 ...
Venezuelan President Nicolás Maduro has ordered a reinforcement of the “Relámpago del Catatumbo” operation, extending it to Tachira state under ...
North Korea has criticised the joint military exercises between the US and South Korea, with state media reporting that the drills demonstrate Washing...
The Minister of Finance of Tajikistan, Faiziddin Kahhorzoda, and the Director General of the Qatar Development Fund, Fahad Hamad Al-Sulaiti, have sign...
On Monday, Russia claimed its forces had carried out extensive strikes on Ukrainian drone bases and other military targets over the past 24 hours, whi...
Data from the European Forest Fire Information System (EFFIS), part of the Copernicus European Environmental Monitoring Programme, shows that 411,315 hectares of forest and rural land have burned in Spain so far this year — roughly ten times more than the 42,615 hectares affected in 2024.
Venezuelan President Nicolás Maduro has ordered a reinforcement of the “Relámpago del Catatumbo” operation, extending it to Tachira state under Peace Zone One.
North Korea has criticised the joint military exercises between the US and South Korea, with state media reporting that the drills demonstrate Washington’s intent to “occupy” the Korean peninsula and target its regional adversaries.
The Minister of Finance of Tajikistan, Faiziddin Kahhorzoda, and the Director General of the Qatar Development Fund, Fahad Hamad Al-Sulaiti, have signed an agreement to provide a $50 million concessionary loan to support the construction of the Rogun Hydropower Plant.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
A major fire has broken out at Hamburg’s city port, leaving several people injured.
Data from the European Forest Fire Information System (EFFIS), part of the Copernicus European Environmental Monitoring Programme, shows that 411,315 hectares of forest and rural land have burned in Spain so far this year — roughly ten times more than the 42,615 hectares affected in 2024.
Venezuelan President Nicolás Maduro has ordered a reinforcement of the “Relámpago del Catatumbo” operation, extending it to Tachira state under Peace Zone One.
North Korea has criticised the joint military exercises between the US and South Korea, with state media reporting that the drills demonstrate Washington’s intent to “occupy” the Korean peninsula and target its regional adversaries.
On Monday, Russia claimed its forces had carried out extensive strikes on Ukrainian drone bases and other military targets over the past 24 hours, while Ukraine reported having destroyed a significant amount of Russian military hardware.
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