In an interview with CNBC, Treasury Secretary Scott Bessent discussed the potential for progress in U.S.-China trade negotiations. He expressed the need for China to de-escalate tensions, mentioning that current tariff levels are unsustainable and likened them to an embargo. Bessent highlighted the economic implications of the trade battle, emphasizing that the surplus country stands to lose the most. He also addressed the issue of fentanyl precursor chemicals linked to Chinese companies and the urgency needed to combat this crisis, reiterating that significant action is required.
Yes, we will see over the coming weeks. And we will see what President Trump wants to accept, Bessent replied.
I think we could see substantial progress in the coming weeks. ... 145 percent, 125 percent tariff levels are the equivalent of an embargo, Bessent noted.
There are a lot of Chinese companies. At Treasury, we have the ability to do a lot of financial surveillance.
That's got to stop. Like, what is the price for these hundreds of thousands of fentanyl deaths that we have...?
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