U.S. Treasury Secretary Bessent: China is bullying by stealing intellectual property and creating trade barriers; tariff policies will be clarified within 90 days.
U.S. Treasury Secretary Scott Bessent was interviewed on the April 15 U.S. tax filing deadline and detailed on inflation, interest rates, whether the economy is in recession, tariff negotiations and trade policy with China. It is emphasized that the US economy is actually not so bad, and the White House's three-way plan ( tariffs, tax cuts, and deregulation ) will be clear in 90 days.
The current state of the economy: egg prices have fallen, employment data is stable, and consumption is still sustainable
Bessent was the first to state:
The price of eggs has already dropped by more than 50% compared to the most expensive time before.
Last week's new jobs increased by 228,000, exceeding the expected 150,000.
Credit card companies and senior executives of large banks stated: "The consumer end seems stable."
The overall conditions of the stock market, Interest Rate, exchange rate, and energy prices are not bad, and the financial situation index (FCI) is stable.
Bessent emphasized that there are no major issues visible from the micro data and not to make pessimistic predictions about the future.
Facing recession warnings: It's not just about tariffs, three measures are being promoted.
In response to Goldman Sachs (Goldman Sachs) and JPMorgan Chase CEO Jamie Dimon raising recession warnings, Bessent believes that the outside world is too focused on tariffs and ignores that the Trump administration is actually "three ways together":
Tariff policies are used to negotiate and put pressure on trading partners.
Continue the 2017 tax cut legislation to make the tax cuts permanent.
A large-scale relaxation of regulations is hoped to gradually show results from the third and fourth quarters of this year.
He emphasized that the economy is not only about Wall Street; the White House is now focused on working for the people and small businesses.
Is the drop in oil prices good or bad? Bessent responded: You can't have everything.
Faced with the claim that oil prices fell because the economy was getting worse, Bessent responded: "Two weeks ago it was our success to say that the 10-year Treasury yield fell, and now it is said that the rise is the collapse of the dollar? The market reaction was too emotional."
He pointed out that if China wants to sell U.S. debt to counter tariffs, the United States also has countermeasures, such as:
U.S. Treasury bonds can be repurchased
The Fed ( can help stabilize the market.
Currently, it seems that China has not sold off but continues to hold.
Tariff suspension status: Significant progress is expected with other countries within 90 days.
With only 90 days left before the tariff hold, Bessent said:
The US and China may meet at the IMF World Bank annual meeting.
The United States is negotiating with 14 other major trading partners.
While it may not be possible to sign a contract immediately, a consensus should be able to be established.
Future direction of tariffs: adjustments will depend on the sincerity of the other party, and the U.S. side retains flexibility.
Regarding whether the tariffs will exceed the current 145%, Bessent joked, "I won't reveal the President's negotiation strategy on a national broadcast, but the President will put everything on the table."
In response to Xi Jinping's criticism that the US tariffs are "unilateral bullying," Bessent retorted, "They steal intellectual property, set trade barriers, and subsidize industries; these are the real bullying."
What an ideal U.S.-China agreement looks like, with a focus on China's rebalancing
Bessent said that for China and the United States to reach a consensus, two major issues need to be resolved:
China needs to stop subsidizing manufacturing and instead stimulate domestic demand and people's livelihood consumption
The United States is rebuilding its manufacturing industry to reduce dependence on imports.
He added that the ideal situation would be for China to reduce exports and for the United States to expand domestic demand, allowing for a more balanced global economy.
The tax reform and middle-class support measures are about to be released, and the tax policy will be clear in 90 days.
Bessent also indicated that the new round of tax reform proposals will have the following direction:
Individuals with an income of less than 100,000 USD are exempt from the following items:
tip
Social Security Fund
overtime
Interest on a loan to buy a U.S. car is tax deductible
For enterprises:
New plant and equipment can be depreciated at one time ) fully deductible (
Bessent pointed out that last time these policies had less impact on the wealthy, but rather on families with lower incomes, whose asset growth rate is faster than that of the rich, and this time it will be done again.
Also addressed the corporate executives: "We understand that there is high uncertainty now, but within 90 days we will release specific directions for tariff reductions, tax cuts, and regulatory relaxations. Please give us a little more time."
This article features U.S. Treasury Secretary Bessent: China's theft of intellectual property and trade barriers are bullying, and tariff policies will be clarified within 90 days. It first appeared in Chain News ABMedia.
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U.S. Treasury Secretary Bessent: China is bullying by stealing intellectual property and creating trade barriers; tariff policies will be clarified within 90 days.
U.S. Treasury Secretary Scott Bessent was interviewed on the April 15 U.S. tax filing deadline and detailed on inflation, interest rates, whether the economy is in recession, tariff negotiations and trade policy with China. It is emphasized that the US economy is actually not so bad, and the White House's three-way plan ( tariffs, tax cuts, and deregulation ) will be clear in 90 days.
The current state of the economy: egg prices have fallen, employment data is stable, and consumption is still sustainable
Bessent was the first to state:
The price of eggs has already dropped by more than 50% compared to the most expensive time before.
Last week's new jobs increased by 228,000, exceeding the expected 150,000.
Credit card companies and senior executives of large banks stated: "The consumer end seems stable."
The overall conditions of the stock market, Interest Rate, exchange rate, and energy prices are not bad, and the financial situation index (FCI) is stable.
Bessent emphasized that there are no major issues visible from the micro data and not to make pessimistic predictions about the future.
Facing recession warnings: It's not just about tariffs, three measures are being promoted.
In response to Goldman Sachs (Goldman Sachs) and JPMorgan Chase CEO Jamie Dimon raising recession warnings, Bessent believes that the outside world is too focused on tariffs and ignores that the Trump administration is actually "three ways together":
Tariff policies are used to negotiate and put pressure on trading partners.
Continue the 2017 tax cut legislation to make the tax cuts permanent.
A large-scale relaxation of regulations is hoped to gradually show results from the third and fourth quarters of this year.
He emphasized that the economy is not only about Wall Street; the White House is now focused on working for the people and small businesses.
Is the drop in oil prices good or bad? Bessent responded: You can't have everything.
Faced with the claim that oil prices fell because the economy was getting worse, Bessent responded: "Two weeks ago it was our success to say that the 10-year Treasury yield fell, and now it is said that the rise is the collapse of the dollar? The market reaction was too emotional."
He pointed out that if China wants to sell U.S. debt to counter tariffs, the United States also has countermeasures, such as:
U.S. Treasury bonds can be repurchased
The Fed ( can help stabilize the market.
Currently, it seems that China has not sold off but continues to hold.
Tariff suspension status: Significant progress is expected with other countries within 90 days.
With only 90 days left before the tariff hold, Bessent said:
The US and China may meet at the IMF World Bank annual meeting.
The United States is negotiating with 14 other major trading partners.
While it may not be possible to sign a contract immediately, a consensus should be able to be established.
Future direction of tariffs: adjustments will depend on the sincerity of the other party, and the U.S. side retains flexibility.
Regarding whether the tariffs will exceed the current 145%, Bessent joked, "I won't reveal the President's negotiation strategy on a national broadcast, but the President will put everything on the table."
In response to Xi Jinping's criticism that the US tariffs are "unilateral bullying," Bessent retorted, "They steal intellectual property, set trade barriers, and subsidize industries; these are the real bullying."
What an ideal U.S.-China agreement looks like, with a focus on China's rebalancing
Bessent said that for China and the United States to reach a consensus, two major issues need to be resolved:
China needs to stop subsidizing manufacturing and instead stimulate domestic demand and people's livelihood consumption
The United States is rebuilding its manufacturing industry to reduce dependence on imports.
He added that the ideal situation would be for China to reduce exports and for the United States to expand domestic demand, allowing for a more balanced global economy.
The tax reform and middle-class support measures are about to be released, and the tax policy will be clear in 90 days.
Bessent also indicated that the new round of tax reform proposals will have the following direction:
Individuals with an income of less than 100,000 USD are exempt from the following items:
tip
Social Security Fund
overtime
Interest on a loan to buy a U.S. car is tax deductible
For enterprises:
New plant and equipment can be depreciated at one time ) fully deductible (
Bessent pointed out that last time these policies had less impact on the wealthy, but rather on families with lower incomes, whose asset growth rate is faster than that of the rich, and this time it will be done again.
Also addressed the corporate executives: "We understand that there is high uncertainty now, but within 90 days we will release specific directions for tariff reductions, tax cuts, and regulatory relaxations. Please give us a little more time."
This article features U.S. Treasury Secretary Bessent: China's theft of intellectual property and trade barriers are bullying, and tariff policies will be clarified within 90 days. It first appeared in Chain News ABMedia.