Bessent Testifies on Trump Tariffs, China Talks, and U.S. Economic Gains
U.S. Treasury Secretary Scott Bessent appeared before the House Ways and Means Committee today, addressing the broad tariffs implemented under President Trump's direction and offering insights into ongoing trade negotiations with China.
Bessent had just returned to Washington after wrapping up two days of economic discussions in London with Chinese officials. Speaking from Lancaster House, the historic venue near Buckingham Palace, he described the talks as “productive” and confirmed that negotiations remain in progress.
Although the hearing was primarily focused on the Treasury’s broader agenda, lawmakers were particularly attentive to Bessent’s briefing on the trade discussions with Beijing.
Central to the negotiations is a proposal in which China would boost its exports of rare earth elements to the U.S., while Washington would ease current restrictions on the export of advanced chip design tools, jet engine components, specific chemicals, and nuclear-related materials.
In his prepared testimony, Bessent shared several key takeaways:
- “A balanced trade framework is within reach—if China abides by the terms.”
- “Under President Trump’s leadership, inflation has seen notable improvement.”
- “The administration’s strategies have effectively curbed the pace of rising prices.”
Bessent also pushed back against critics of the Trump-era tax reforms, pointing to federal revenue data as proof of success. According to his statement, tax receipts rose 9.5% in April and 14.7% in May year-over-year—figures he said refute claims that tax cuts would deplete federal income.
He further noted that the Internal Revenue Service had just completed one of its most efficient and cost-effective filing seasons in recent memory.
A major focus of his remarks was the impact of recent tax legislation on American industry. “The new tax code offers full depreciation for new and expanding factories,” Bessent said. “This is a cornerstone of our strategy to revive U.S. manufacturing.”
He concluded by saying the law is designed to provide stability for families and businesses alike, strengthen the working and middle class, and restore momentum to domestic production.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
