U.S. Treasury Secretary Scott Bessent revealed new details about the reported trade deal struck between the U.S. and China, adding that he’s now seen “de-escalation” firsthand.
“We’ve got peace deals, we’ve got trade deals, we’ve got tax deals. And in dealing with the world’s second-largest economy, we approached each other with mutual respect,” Bessent said in an interview on “Mornings with Maria” Friday.
“Part of the agreement was tariffs coming down and rare earth magnets starting to flow back to the U.S. They form the core of a lot of our industrial base. They were not flowing as fast as previously agreed,” Bessent explained.
“And I am confident now that, as agreed, the magnets will flow. In the meantime, we had put countermeasures versus the Chinese in place. We had held back some vital supplies from them. So what we’re seeing here is a de-escalation under President Trump’s leadership.”
This is a developing story. Please check back for updates.
