During a segment on Fox News Channel's "Ingraham Angle" this Tuesday, Treasury Secretary Scott Bessent addressed the necessity of a trade agreement with China.
He emphasized that "China is, right now, the biggest revenue line in the tariff income," suggesting a cautious approach with the adage, "if its not broke, dont fix it." Despite this, Bessent acknowledged the progress made in discussions with China and anticipated further negotiations.
As reported by Breitbart, host Laura Ingraham inquired about the timeline for advancements in the China talks and questioned the necessity of a trade deal given the current success of tariffs. Bessent responded by highlighting the effectiveness of the tariffs implemented during President Trump's administration.
"Look, were very happy is we had 20% about 20, 25% tariffs in President Trumps first term. Weve added 20% fentanyl tariffs, 10% baseline tariffs. So, were at 50 or 55%," he stated. He further noted that China remains a significant contributor to tariff revenue, reinforcing his stance that the existing strategy is effective.
Bessent also mentioned the ongoing dialogue with China, expressing optimism about future meetings before November. He noted that China has imposed a 10% tariff on the U.S. and has resumed shipping rare earth magnets, a development resulting from mutual agreements.
The Treasury Secretary pointed out that some countermeasures previously placed on China have been lifted, indicating a stable and beneficial status quo. This approach aligns with conservative principles of maintaining strong economic policies that prioritize American interests and fiscal responsibility.
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