In a recent interview with Fox Business Network, Treasury Secretary Scott Bessent said the U.S. is preparing to announce a series of trade deals in the coming days. These deals are expected to bring large investments into the United States.
Tariffs Bringing Manufacturing Back to the US
Bessent strongly supported tariffs, saying they are helping bring back manufacturing to the U.S. He also mentioned that President Trump had ordered that all permits for new factories be completed within one month to speed up the process.
August 1 Tariff Deadline Approaching
Bessent warned that the August 1 deadline for new tariffs is a “pretty hard” one. However, he added that there is still time to negotiate and avoid potential negative impacts. “Tariffs could boomerang back,” he said, meaning they could hurt the U.S. if not handled carefully.
China and the August 12 Deadline
Regarding trade talks with China, Bessent said a possible extension of the August 12 deadline is on the table. The U.S. hopes China will reduce its oversupply in manufacturing and focus more on domestic consumption. Bessent added, “If we do more manufacturing and China does more consumption, that would be a home run.”
Meetings Planned with Chinese Officials
Bessent shared that he will meet his Chinese counterparts in Stockholm next Monday and Tuesday. The U.S. also wants to discuss oil from Iran and Russia with China as part of broader trade talks.
Trade Talks with Japan and Indonesia
Talks with Japan are going well, according to Bessent. He said Japan’s upcoming election could help speed up a deal. In negotiations with Indonesia, the countries have already reached the fifth draft of their agreement.
Separate Talks with the EU
Bessent clarified that trade talks with the European Union are separate from discussions on sanctions related to Russia’s war in Ukraine. However, he said there will be “tough talks” with G-7 nations about Russia and added that the U.S. will remain in contact with Europe regarding tariffs on Russian oil.
Tariffs Could Boost Revenue Significantly
Bessent estimated that tariff revenues could reach $300 billion per year, possibly adding up to $2.8 trillion over the next decade. He said this could equal around 1% of the country’s GDP.
US Economy and Growth Outlook
According to Bessent, the U.S. budget surplus in June came from spending cuts. He predicts that by the first quarter of 2026, the U.S. economy could grow at a rate of 3% or more.
Comments on the Federal Reserve and Jerome Powell
Bessent also spoke about the Federal Reserve. He called for an internal review of the Fed’s operations but not its monetary policy. He added that Fed Chair Jerome Powell’s term ends in May and that if Powell wants to step down early, it’s his choice.
U.S. Security Will Not Be Compromised
On trade with China, Bessent stressed that national security will not be compromised under any deal. The U.S. is focused on ensuring that trade decisions do not weaken its global position.
Bessent to Meet Chinese Officials in Stockholm for Key Trade Talks
U.S. Treasury Secretary Scott Bessent has confirmed he will meet Chinese officials in Stockholm on Monday and Tuesday for a third round of high-level negotiations. These talks follow earlier meetings with Vice Premier He Lifeng in Geneva and London. The goal is to work out an extension of the current pause in trade actions, which is set to expire in mid-August. While China has not officially confirmed the meeting, Swedish Prime Minister Ulf Kristersson announced on X that Sweden will host the discussions next week.
Bessent said the talks will also address broader issues, including China’s heavy reliance on manufacturing and exports. He also mentioned plans to raise concerns about China’s purchases of oil from Russia and Iran in future meetings. Meanwhile, former President Donald Trump revealed that Chinese President Xi Jinping has invited him to visit Beijing, and he would accept. Trump added that disputes over rare earth and magnet exports to the U.S. might now be resolved.
Trump Criticizes Fed Chair Powell Over Interest Rates
President Donald Trump signaled a possible change in Federal Reserve leadership, stating, “Powell will be out soon.” He criticized Jerome Powell for being consistently behind the curve, saying, “I call him Too Late. He’s too late all the time — he should’ve lowered interest rates many times.” Trump added that Powell’s inaction has made it harder for Americans to afford homes.
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