BESSENT: China is still unbalanced despite the progress of commercial conversations

Treasury Secretary, Scott Payette, said on Thursday that the trade relations between the United States and China settled so that the Trump administration can turn some of its focus to broader Economic issues with Beijing.

Bessent was interviewed on Fox Business Network “pool“While commercial tensions with China have increased significantly after the” liberation day “declaration of the president, they have since settled to allow a broader economic conversation with China.

“Immediately after April 2, we got to his dream-we were in a 145 % tariff, and they were 125 %, which is really banned,” said host Larry Kudlo. He pointed out that after the negotiations in Geneva, the US tariffs fell to 30 % on China, with 20 % of the customs tariff from Trump’s first state, while China has a 10 % tariff on US exports. Pesin also said “Trade in a good place” between the two countries.

“I think we will be able to move to the largest issue of China that needs to be balanced,” said Pesin. “It is the most balanced and unbalanced economy in the history of the world.”

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He added: “They now represent 30 % of global industrialization, and this is not sustainable. They have a real estate contraction, and many call them a crisis. Manufacturing has declined and they cannot export their economic problems to the rest of the world, and they need to solve them.”

“One of the ways to solve it is to create a consumer economy, and we will talk about it,” Pesin said of the Chinese economy. Dependence on manufacturing.

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The Treasury Secretary also said Trump administration It will pressure the Chinese government to reduce its purchases of Russian and Iranian oil to help address the geopolitical risks offered by Russia’s invasion of Ukraine and Iran’s pursuit of a nuclear program as well as its support for terrorism.

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“We will talk about the fact that they are buying Iranian oil punishable by Russian oil. As you know, if they stop purchases for 3 or 6 months, I think the Russian war machine will stop, Iran’s negotiations will be much easier, so we have a full set of things.”