Sec. Bessent: ‘The Chinese Delegation Basically Told Us that Once Biden Came into Office, They Just Ignored Their Obligations’

BESSENT: “What has to happen is it has to be fair for the American people. But in January, 2020, President Trump produced a template. We had an excellent trade agreement with China and the Biden Administration chose not to enforce it. The Chinese delegation basically told us that once President Biden came into office, they just ignored their obligations. So, you know, we all already have a large framework. The other thing to remember here, Jonathan, is that this is a pause down to 10 percent. The April 2nd level for China is 34 percent. So we will be working to see where their final reciprocal number ends up. And the negotiations are a combination of tariffs, non-tariff trade barriers, currency manipulation and subsidies of labor and capital.”