Bessent Highlights China's Role in Economic Balance
(MENAFN) During the conclusion of the latest trade discussions held in London, US Treasury Secretary Scott Bessent emphasized the importance of China being a dependable counterpart in ongoing negotiations.
He urged the Chinese government to embrace a shift in its economic strategy to reinforce global trade relations.
According to Bessent, China holds a unique chance to strengthen its economy by transitioning from "excess production" to increased domestic "consumption."
Speaking before the House Ways and Means Committee, he highlighted this pivot as a critical move toward long-term stability.
He further underlined that a "big, beautiful" restructuring of the economic relationship between the United States and China remains achievable.
This outcome depends on China’s willingness to uphold its part of the initial trade pact, which was finalized by both nations in Geneva the previous month.
Referencing the US-UK agreement unveiled in May, Bessent noted the accord is expected to generate a USD5 billion opportunity in exports for American agricultural producers, industrial manufacturers, and ranchers.
He described the deal as a sign of broader positive developments on the horizon.
Bessent also mentioned that "dozens of countries" have already approached the US administration with proposals to strengthen their trade partnerships—including China—reflecting growing international interest in bolstering commerce with the United States.
On the same day, Leader Donald Trump declared that a trade arrangement between the US and China "is done," pending official ratification by both heads of state.
Using his platform on Truth Social, Trump specified the tariff terms: the US would secure "a total of 55% tariffs," while China would receive "10%."
He also confirmed that "full magnets, and any necessary rare earths" would be delivered "up front" by China. In return, the US would fulfill its obligations under the agreement, including allowing "Chinese students using our colleges and universities (which has always been good with me!)."
Trump concluded his remarks on a positive note, affirming: "Relationship is excellent!"
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