In an interview with CNBC, Bessent assured that President Donald Trump is open to meeting with Chinese leader Xi Jinping. He added that Washington does not seek to escalate the trade conflict or completely break off economic relations with China. He stressed that trust between the two leaders played a key role in avoiding further escalation of the situation.
However, the American minister ruled out the possibility of relaxing the position in negotiations with Beijing due to the declines in the stock markets. As he stressed, Washington's decisions are made with long-term economic benefits in mind, not short-term market fluctuations. He also emphasized that the Trump administration does not intend to avoid decisive action against China.
Referring to Beijing's announced export restrictions on rare earth metals, Bessent recalled that in August, the Chinese representative threatened to disrupt the global trading system if the US continued its policy on port fees.
“This is not a problem between China and the US, this is a problem for China and the rest of the world.” Bessent said. The minister announced talks with allies, including Europe, Canada, Australia, India and Asian democracies, to develop a common response to Beijing's actions. He stressed that bureaucrats in China cannot control global supply and production chains.
In the context of China purchasing Russian oil, Bessent noted that such actions support the Russian war machine. According to data presented by the minister, China acquires 60 percent. Russian energy and 90 percent energy from Iran.
“President Trump instructed me to tell European allies that the US supports the introduction of tariffs on China for imports of Russian oil, which could be used to support Ukraine. However, our European partners must be ready to cooperate,” Bessent said.
500 percent customs duties? This is what Bessent proposes
The minister revealed that some US senators propose imposing tariffs on China of up to 500%. for purchases of Russian oil. At the same time, he expressed concerns that the European Parliament might not adopt similar solutions.
“We hear that the European Parliament will not adopt a similar solution. I keep hearing from Europeans that Putin is going to Warsaw. There are few things in life that I am sure of, but I am sure that he is not going to Boston. So we will respond if our European allies join us.” Bessent emphasized.
President Trump also commented on relations with China, suggesting that despite the tensions, “everything will be fine.” However, a few days earlier he announced new tariffs on China of 100 percent, which are to come into force on November 1. This decision was a reaction to China's export restrictions on rare earth metals. Meanwhile, the US stock index S&P recorded declines after Trump's comments about the possible termination of some trade transactions with China, including the import of cooking oil.
