Besant Gives Interviews to NBC, CBS, and ABC
U.S.-China Summit Set for the 30th in Busan
Focus on Whether Trump and Xi Jinping Will Reach a Trade Agreement
Scott Besant, U.S. Secretary of the Treasury, stated on the 26th (local time) that the United States will not impose an additional 100% tariff on China, as China is not expected to implement export controls on rare earth elements. With the US-China summit scheduled to take place in Busan on the 30th, both sides appear to have found some common ground during preliminary talks, raising attention as to whether the leaders will reach a substantive trade agreement.
Scott Besant, U.S. Secretary of the Treasury, is speaking with reporters after the US-China trade negotiations held in Kuala Lumpur, Malaysia on the 26th (local time). Photo by Reuters Yonhap News
Secretary Besant said in interviews with major broadcasters such as NBC, CBS, and ABC that trade negotiations with China have been highly productive.
In an interview with ABC News, he explained, “President Donald Trump gave me maximum leverage in the negotiations by threatening to impose an additional 100% tariff if China implemented rare earth export controls. As a result, I believe we will avoid a tariff escalation.”
Secretary Besant stated that, in this round of negotiations, China agreed to increase purchases of U.S. agricultural products and to crack down on precursor chemicals for fentanyl. He said, “China has pledged significant purchases of agricultural goods for American farmers and agreed to support us in addressing the issue of precursor chemicals for this terrible fentanyl crisis devastating our country. Overall, it was a very positive meeting.”
He also noted progress regarding the sale of the U.S. operations of TikTok, the Chinese video-sharing platform. Speaking to CBS News, he said, “We reached a final agreement in Madrid, and all the details were finalized today. The two leaders will officially conclude this deal on Thursday (the 30th) in Korea.”
Secretary Besant offered an optimistic outlook for American farmers who suffered losses due to China’s suspension of U.S. soybean imports. He said, “When the deal with China is announced, our soybean farmers will be very pleased not only for this season but also for what lies ahead in the coming years.”
He further assessed that this trade negotiation demonstrated the potential for both countries to cooperate on resolving various global issues.
In an interview with NBC News, Secretary Besant said, “They will also discuss President Trump’s vision for global peace, which extends to Asia, the Middle East, and even the Ukraine-Russia issue.”
Previously, the United States and China declared a “tariff truce” through four rounds of high-level trade negotiations, seeking to ease tensions over trade policy. However, ahead of the summit, tensions have risen again as China indicated it would tighten rare earth export controls and the United States signaled the possibility of imposing an additional 100% tariff on Chinese goods starting next month.
President Trump and Chinese President Xi Jinping are scheduled to hold a summit in Busan on the 30th, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, to negotiate a trade deal. This will be the first face-to-face meeting between the two leaders in six years, since the first Trump administration in 2019.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
