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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China has warned Myanmar's Kachin rebels it will block rare-earth imports from their territory unless they halt an offensive on a key junta stronghold, raising fears over the global supply of critical minerals.
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China has warned Myanmar's Kachin rebels it will block rare-earth imports from their territory unless they halt an offensive on a key junta stronghold, raising fears over the global supply of critical minerals.
China has rejected U.S. remarks on Tibet, warning Washington not to interfere after Secretary of State Marco Rubio praised the Dalai Lama on his 90th birthday.
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