Bessent:
- Overall tone of meetings was very constructive
- We don’t want to decouple
- We talked about what we need to do to get back in balance.
- We are diligent in regard to national security
- China’s global imbalances are not sustainable
- Other developed economies will raise tariff barriers and global South cannot absorb excess Chinese production.
- Will meet with Trump in the oval office tomorrow to go through the deal
- Discussed EU-US trade deal with Sweden’s Prime Minister, was supportive of it
- The US economy is starting to fire on all cylinders now.
- We were able to discuss more and more things.
- China talks are getting to be more engaged.
- Xi invited Trump to China in a recent phone call.
- Told Chinese officials that given US secondary tariff legislation on sanctioned Russian oil, China could face high tariffs if it continues to purchase it
Greer:
- US trade deficit with China is on track to be at least $50 billion smaller this year
- Trump has the discretion to alter the rate on China goods.
Trump meanwhile is speaking on his way back to the US from the UK says:
- Spoke with Bessent, very good meeting with the China team on trade
- India trade deal is not finalized. They will see what the rate is. They may pay tariffs of 20-25%.
- London mayor is a very nasty man
This article was written by Greg Michalowski at investinglive.com.
