US Treasury Secretary Bessent to hold first call with China counterpart on Friday
US Treasury Secretary Scott Bessent will hold his first introductory call with his Chinese counterpart on Friday, reiterating the US call for China to rebalance its economy towards domestic consumption. Bessent emphasized the desire to "work together" and halt the flow of fentanyl precursor ingredients from China, a key concern highlighted by recent US tariffs on Chinese goods.
Bessent's call echoes previous dialogues led by Janet Yellen, who engaged with Vice-Premier He Lifeng. Bessent also stated that China needs to rebalance its economy in favor of consumption, as they are currently suppressing the consumer in favor of the business community. While Bessent was expected to meet with Chinese officials at the G20 finance ministers’ meeting in Cape Town next week, he plans to skip the forum to focus on domestic priorities, and "the readout we’ve gotten" from China is that his counterpart will also not be attending.
via SCMP Full Text Feed
US Treasury Secretary Scott Bessent will hold his first introductory call with his Chinese counterpart on Friday, reiterating the US call for China to rebalance its economy towards domestic consumption. Bessent emphasized the desire to "work together" and halt the flow of fentanyl precursor ingredients from China, a key concern highlighted by recent US tariffs on Chinese goods.
Bessent's call echoes previous dialogues led by Janet Yellen, who engaged with Vice-Premier He Lifeng. Bessent also stated that China needs to rebalance its economy in favor of consumption, as they are currently suppressing the consumer in favor of the business community. While Bessent was expected to meet with Chinese officials at the G20 finance ministers’ meeting in Cape Town next week, he plans to skip the forum to focus on domestic priorities, and "the readout we’ve gotten" from China is that his counterpart will also not be attending.
via SCMP Full Text Feed
