Scott Bessent, US Treasury Secretary, indicated that America will not change its course in relations with China just because the markets are turbulent.
Speaking at the Invest in America forum, he emphasized that a stock drop is not a reason to urgently sit down at the negotiating table. According to him, trade decisions should be based on economics, not on the stock market’s reaction.
Bessent also commented on an article in the Wall Street Journal. The article claimed that Beijing allegedly hopes that if the US market crashes again, Trump will give in. The newspaper cited sources close to the Chinese leadership.
The minister’s reaction was sharp. He called the article “disgusting” and accused the publication of, quote, “working under the dictation of the CCP.”
His words came amid another round of market swings. Stock prices fell especially hard on Friday — this happened after Trump announced new tariffs on Chinese imports. The White House responded in this way to restrictions on rare earth materials imposed by China.
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According to Bessent, Trump sees market growth as a consequence of the right policy, not as a main goal. As an example, he cited investments in AI, which were a reaction to sound policy, not an attempt to influence the market directly.
Bessent made it clear that Washington will respond to Chinese measures together with its allies. The format is still being discussed, and among the partners are Europe, Canada, India, Australia, and Asian democracies. Negotiations are underway right now. Meetings of the IMF and the World Bank are taking place in Washington. All key figures are already present.
“We will discuss and decide,” he said briefly at the forum.
Markets are reacting sharply, and traders are waiting for new moves from both sides.
Extension of tariff pause under discussion
Bessent also said that the administration does not rule out extending preferential conditions for Chinese imports — provided that Beijing abandons the idea of restricting rare earth exports.
Since the beginning of the year, the US and China have repeatedly introduced mutual 90-day pauses on tariffs. Duties reached up to 145%. The next deadline is in November.
Now Trump’s team is trying to stop new export restrictions. Either China backs down and gets incentives, or it imposes measures and gets a tough response.
“Extension of the pause? Possible. But that’s a matter for negotiations. Everything will be decided in the coming weeks,” Bessent said Wednesday at a press conference in Washington.
Meeting with Xi remains on the agenda
Trump previously said he saw no point in meeting with Xi Jinping. But according to Bessent, the president is now ready for dialogue. The meeting could take place as early as this month in South Korea.
Bessent added that he will most likely go to Asia himself earlier to hold talks with Chinese Vice Premier He Lifeng.
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Statements on trade issues are expected during the tour. Trump will first attend the ASEAN summit in Malaysia, then go to Japan and South Korea. The annual meeting of APEC leaders will be held there.
As for South Korea, negotiations are almost complete. A large investment program is being discussed. Bessent also said that the US and Canada have resumed dialogue, and progress has been made with India.
