Sunday on CBS’s “Face the Nation,” Treasury Secretary Scott Bessent said following negotiations, the 100% tariff President Trump threatened to impose on China was “effectively off the table.”
Partial transcript as follows:
MARGARET BRENNAN: We begin this morning with Treasury Secretary Scott Bessent, who is traveling with President Trump. He joins us from Kuala Lumpur, Malaysia. Good evening to you.
BESSENT: Margaret, good to speak to you.
BRENNAN: You have been negotiating directly with the Chinese. You said today a truce may have been reached. The threat on the table was a 155% tariff on China. The President said that would be effective November 1. Is that off the table? What are the terms?
BESSENT: Margaret, I think we had a very good two day meeting. I would believe that the- so it would be an extra 100% from where we are now, and I believe that that is effectively off the table. I’m not going to get ahead of the two leaders who will be meeting in Korea on Thursday, but I can tell you we had a very good two days. So I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime.
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