Treasury Secretary told CNBC’s Sara Eisen that nothing has been done with China on trade and talks haven’t even begun.
Trump has been repeatedly lying to the press and public by claiming he’s had serious negotiations with China over his tariff obsession. China has denied these talks publicly.
Scott Bessent put that lie to bed by exposing the truth when asked about the negotiations and he said we will see in the coming weeks.
EISEN: But China is key. I know you set it aside, and you’re heavily involved here. You have said they need to de-escalate and start that process for us to get going on trade talks.
Have they made any effort at this point?
BESSENT: I think we could see substantial progress in the coming weeks.
We’ll see. But as I think it’s Stein’s law, that which is not sustainable doesn’t continue. So, 145%, 125% tariff levels are the equivalent of an embargo.
And we’re reading every day what’s happening with factories in China. And from an academic point of view, I can tell you that the history of trade battles, we are the deficit country. The surplus country always has the most to lose. So, they need to make more gestures.
EISEN: What is it that you’re looking for, and is that happening? Is there a negotiation about the negotiation?
BESSENT: Yeah, we’ll see over the coming weeks.
And we’ll see what President Trump wants to accept.
EISEN: I mean, have they offered anything on the fentanyl, for instance, precursor ingredients?
