In an interview on ABC’s This Week, Scott Bessent said he believes there will not be a 100% additional tariff on Chinese exports
US Treasury Secretary Scott Bessent announced on Sunday the 26th an agreement with China to postpone restrictions on the export of rare earths and resume the purchase of American soybeans.
In an interview on the program ABC’s This Week said that negotiations have advanced and that the additional 100% tariff from November 1 is not expected to occur. “I think we avoided it,” Bessent said.
On Saturday 25th, the President of the United States, Donald Trump, had already signaled a similar possibility. He said he hopes to reach “a comprehensive agreement” with China during next week’s meeting with Chinese President Xi Jinping in South Korea.
“We will talk about many things. I think we have a good chance of reaching a very broad agreement,” Trump told reporters before leaving for Kuala Lumpur, Malaysia, where he attended the Association of Southeast Asian Nations (ASEAN) summit this Sunday, the 26th.
The meeting with Xi will take place in the context of the escalation of the trade war between the two countries. Trump threatened to impose export tariffs after China implemented controls on foreign sales of rare earth products and technologies.
Asked whether he would talk to Xi about China’s purchases of Russian oil, Trump said he might discuss the issue, but added that “China is substantially reducing its purchase of Russian oil.”
Source: Terra
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