Treasury Secretary Scott Bessent praised what he called a clear example of strong governance under President Donald Trump, offering new insights into the recently reported trade arrangement between the United States and China.
“This is what leadership looks like under President Trump,” Bessent said during a Friday appearance on Mornings with Maria, highlighting his personal observation of a recent "de-escalation" between the two global powers.
“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.” Among the key terms of the agreement, Bessent noted, were reductions in tariffs and the resumed flow of rare earth magnets to the U.S.—critical components in American industrial manufacturing.
“They were not flowing as fast as previously agreed,” he 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.”
Roughly two weeks prior, U.S. and Chinese officials had announced a “framework” for implementing a trade pact originally negotiated in Geneva, following further discussions in London. Not long after, Trump confirmed the news on Truth Social, writing that “our deal with China is done, subject to final approval with President Xi and me.”
This latest breakthrough follows months of rising tensions between the two countries. In April, the Trump administration imposed tariffs of up to 145% on Chinese imports in response to retaliatory duties from Beijing. A 90-day truce was later agreed to in May, including mutual tariff reductions, but accusations of violations surfaced from both sides soon after.
Bessent emphasized the broader significance of the trade agreement. “The important thing to note here is, this is the centerpiece of making trade more fair for American workers, for the American people. And this is happening across the entire spectrum with our trading partners.”
He went on to describe the administration’s progress: “So, in the first 100 days, we set the table for the peace deals, the trade deals and the tax deals. And now, in this 100 days, we’re bringing them all home. But this is the centerpiece of fair trade, which is something we haven’t seen in the U.S. in 40 years.”
Looking specifically at U.S.-China trade, Bessent said the path forward includes either moving toward a strategic economic separation or encouraging China to boost its domestic consumption. “China accounts for 30% of the manufacturing in the world, and that’s not sustainable,” he said.
“My sense is they do want to be a responsible partner,” Bessent added. “As I mentioned, President Trump, Party Chair Xi, they have a very good relationship, so it’s very helpful to have the leadership there constantly speaking.”