US Treasury: "Tariff Dividend Requires Congressional Approval"... US-China Agreement Expected to Be Finalized This Month

Scott Bessent Discusses Tariff Dividend in Fox News Interview

Scott Bessent, U.S. Secretary of the Treasury, stated on the 16th (local time) that congressional approval is required to provide the $2,000 "tariff dividend" proposed by President Donald Trump.

Scott Bessent, U.S. Secretary of the Treasury.

In an interview with Fox News that day, Secretary Bessent said that "legislation is necessary" for the payment of the tariff dividend.

President Trump has repeatedly mentioned his plan to distribute a tariff dividend. On the 14th, he told reporters aboard Air Force One that "the tariff dividend will be paid to all citizens except the wealthy sometime next year," adding, "It is a large sum, but we have earned a lot of money from tariffs, making this payout possible. We will also reduce the national debt."

Secretary Bessent also referred to the large-scale tax cut bill passed by Congress last July, predicting that Americans will begin to feel the economic effects of the tax cuts starting early next year. He added, "In the first and second quarters of next year, we will see inflation subside and a clear increase in real income."

These remarks are being interpreted as reflecting the view that, with inflation and the burden of living costs cited as reasons for the Republican defeat in the local elections on the 4th of this month, stabilizing these issues is necessary to gain an advantage in the midterm elections in November next year.

Regarding the U.S.-China summit, he also stated that the two sides aim to finalize the detailed implementation agreement within this month.

Secretary Bessent said, "Although we have not yet completed the agreement, we hope to finalize it before Thanksgiving," and added, "After President Trump and President Xi Jinping of China held their summit in Korea, I am confident that China will implement the agreement."

Through the trade agreement, the United States will reduce the tariff on fentanyl from 20% to 10%, while China has promised a one-year suspension of rare earth export controls to the U.S. and the resumption of soybean imports, among other measures.

This content was produced with the assistance of AI translation services.