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.
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Russia has announced it no longer considers itself bound by a self-imposed moratorium on deploying short- and medium-range missiles, citing growing threats from the U.S. and NATO.
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Russia has announced it is ending its unilateral moratorium on the deployment of land-based intermediate- and short-range missiles, saying the original conditions no longer apply.
Authorities in Beijing have evacuated over 80,000 people as severe rainfall batters the Chinese capital, with flooding expected to intensify into Tuesday.
Russia has announced it no longer considers itself bound by a self-imposed moratorium on deploying short- and medium-range missiles, citing growing threats from the U.S. and NATO.
A fire beneath a commuter train at Newport Station in Jersey City caused major disruptions to New Jersey transit lines on Monday morning (August 4).
On Monday, U.S. President Donald Trump announced plans to significantly raise tariffs on India over its continued purchase and resale of Russian oil, accusing New Delhi of profiting from the war in Ukraine.
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