Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, June 18, 2025
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Bessent says Trump-Xi call would ease trade logjam — ‘I believe we will see something very soon’

June 2, 2025
in Business
Reading Time: 3 mins read
A A
Bessent says Trump-Xi call would ease trade logjam — ‘I believe we will see something very soon’
0
SHARES
ShareShareShareShareShare

Bessent says Trump-Xi call would ease trade logjam — ‘I believe we will see something very soon’

A logjam in the trade talks between the United States and China could be broken once Presidents Donald Trump and Xi Jinping speak, US officials said Sunday — a conversation they said could happen soon.

READ ALSO

The smallest country on the Southeast Asia 500 generated the most revenue 

Stocks sink amid instability in the Middle East, Fed decision

Trump on Friday accused Beijing of violating a deal reached last month in Geneva to temporarily lower staggeringly high tariffs the world’s two biggest economies had imposed on each other, in a pause to last 90 days.

China’s slow-walking on export license approvals for rare earths and other elements needed to make cars and chips have fueled US frustration, The Wall Street Journal reported Friday — a concern since confirmed by US officials.

But US Treasury Secretary Scott Bessent seemed to take the pressure down a notch on Sunday, telling CBS’s “Face the Nation” that the gaps could soon be bridged.

“I’m confident that when President Trump and Party Chairman Xi have a call that this will be ironed out,” Bessent said, however noting that China was “withholding some of the products that they agreed to release during our agreement.”

When asked if rare earths were one of those products, Bessent said, “Yes.”

“Maybe it’s a glitch in the Chinese system. Maybe it’s intentional. We’ll see after the president speaks with” Xi, he said.

On when a Trump-Xi call could take place, Bessent said: “I believe we will see something very soon.”

Kevin Hassett, director of the White House’s National Economic Council told ABC that the call could happen “this week” but that he had no confirmation of a scheduled time.

Since Trump returned to the presidency, he has slapped sweeping tariffs on most US trading partners, with especially high rates on Chinese imports.

New tit-for-tat levies on both sides reached three digits before the de-escalation this month, where Washington agreed to temporarily reduce additional tariffs on Chinese imports from 145 percent to 30 percent.

China, meanwhile, lowered its added duties from 125 percent to 10 percent.

Commerce Secretary Howard Lutnick told “Fox News Sunday” that China was “slow-rolling the deal,” adding: “We are taking certain actions to show them what it feels like on the other side of that equation.”

“Our president understands what to do. He’s going to go work it out,” Lutnick said.

Lutnick also said that a US court battle over Trump’s tariff strategy — one court’s ruling to block the tariffs has been stayed pending an appeal — would ultimately end with a win for the president.

“Tariffs are not going away,” Lutnick said.

‘We’ve got to be ready’

Separate from the China deal, Trump said Friday he would double sector-specific tariffs on steel and aluminum to 50 percent starting June 4 — sparking ire from the European Union, which said it would retaliate.

Hassett said China’s dumping of low-cost steel was hurting US industry — which in turn was hindering US military preparedness.

“The bottom line is that we’ve got to be ready in case things don’t happen the way we want, because if we have cannons but not cannonballs, then we can’t fight a war,” Hassett told “This Week.”

“And if we don’t have steel, then the US isn’t ready, and we’re not preparing ourselves for something,” he added.

“We have to have a steel industry that’s ready for American defense.”

This story was originally featured on Fortune.com

Credit: Source link

ShareTweetSendSharePin
Previous Post

Yankees summon Carlos Carrasco to help bullpen after 18-run nightmare

Next Post

Big Tech is back in S&P 500 driver’s seat as profit engines hum

Related Posts

The smallest country on the Southeast Asia 500 generated the most revenue 
Business

The smallest country on the Southeast Asia 500 generated the most revenue 

June 18, 2025
Stocks sink amid instability in the Middle East, Fed decision
Business

Stocks sink amid instability in the Middle East, Fed decision

June 18, 2025
Microsoft says AI won’t cure the ‘infinite workday’ unless businesses change how they operate
Business

Microsoft says AI won’t cure the ‘infinite workday’ unless businesses change how they operate

June 17, 2025
Amazon announces Prime Day 2025 details
Business

Amazon announces Prime Day 2025 details

June 17, 2025
In Q1 2025, enterprise SaaS M&A deal count hit 210, according to PitchBook
Business

In Q1 2025, enterprise SaaS M&A deal count hit 210, according to PitchBook

June 17, 2025
Exclusive: Trump’s former commerce secretary says an over-confident White House may push trade allies like the EU too far
Business

Exclusive: Trump’s former commerce secretary says an over-confident White House may push trade allies like the EU too far

June 17, 2025
Next Post
Big Tech is back in S&P 500 driver’s seat as profit engines hum

Big Tech is back in S&P 500 driver’s seat as profit engines hum

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

The best smart speakers for 2025

The best smart speakers for 2025

May 19, 2025
Pacers’ trip to Oklahoma City for NBA Finals delayed by severe weather

Pacers’ trip to Oklahoma City for NBA Finals delayed by severe weather

June 4, 2025
Restaurants dropping U.S. beef and chicken feet

Restaurants dropping U.S. beef and chicken feet

June 3, 2025
Could German infrastructure be the next hot investment?

Could German infrastructure be the next hot investment?

May 30, 2025
European markets surge on Trump call to delay 50% EU tariffs until July 9

European markets surge on Trump call to delay 50% EU tariffs until July 9

May 26, 2025
Claim 0 Bonus or K First Bet Safety Net for Yankees vs. Rangers tonight

Claim $150 Bonus or $1K First Bet Safety Net for Yankees vs. Rangers tonight

May 20, 2025
Yankees’ Jazz Chisholm likely to go back to former position when he returns

Yankees’ Jazz Chisholm likely to go back to former position when he returns

May 29, 2025

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Yankees shut out again by Angels as scoreless streak hits 29 innings
  • Aussie AI scribe startup to go global with $12M funding
  • The smallest country on the Southeast Asia 500 generated the most revenue 
  • Fed likely to keep rates the same but give forecast that moves markets

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In