Treasury Secretary Scott Bessent discussed significant trade and economic issues during his interview on “Face the Nation” on October 26, 2025. He joined the program from Kuala Lumpur, Malaysia, where he was traveling with President Trump.
Trade Negotiations with China
During the interview, Bessent reported on constructive discussions with Chinese officials. He indicated that a truce may have been reached regarding trade tariffs. Specifically, the potential implementation of a 155% tariff on China is no longer anticipated.
The Secretary noted that a 100% additional tariff threat has also been rendered unnecessary. He emphasized that the meeting with China’s Vice Premier, He Lifeng, was productive, covering various topics:
- Rare earth magnets
- American agricultural product purchases
- Collaboration on fentanyl crisis solutions
Current Status of U.S. Soybean Exports
On the topic of American soybeans, Bessent assured that farmers would likely find relief. U.S. farmers, previously impacted by China’s boycott of American soybeans, could expect opportunities for sales in the near future. The government is also providing $3 billion in financial aid to support these farmers.
Addressing concerns about international competition, Bessent defended the U.S. financial assistance to Argentina. He stated that sales were already in progress and clarified that the global market involves multiple suppliers, including Brazil and Argentina.
Technology and Trade Relations
Bessent confirmed that discussions regarding TikTok were finalized over the past two days. A deal has been reached, but specific transaction details remained undisclosed. He mentioned that it is now up to Presidents Trump and Xi to finalize this agreement.
Impact of Domestic Government Shutdown
One point of contention during the conversation was the ongoing government shutdown in the U.S. Bessent contended that the political standoff is detrimental, not only damaging domestic morale but also potentially affecting international negotiations.
He urged bipartisan cooperation to resolve the shutdown, emphasizing the importance of government stability.
Inflation and Economic Conditions
Bessent addressed current inflation trends, noting that core inflation edged up to 3% in September. Despite ongoing issues with certain essentials, such as energy and apparel prices, he expressed optimism about improving trends. He predicted that inflation would continue to decline in the coming months.
Sanctions on Russia
Regarding recent sanctions imposed on Russian oil and gas companies, Bessent emphasized their potential impact. He countered claims from Russian officials that these sanctions would not affect the economy, arguing that the measures are starting to take effect. He pointed to halted oil purchases from India and some Chinese refiners as indicators of economic distress in Russia.
In summary, Scott Bessent’s insights during the interview reflect ongoing diplomatic efforts aimed at addressing complex trade relations and domestic economic challenges. His expertise highlights the interconnectedness of international trade, domestic policy, and the consequences for American farmers and consumers alike.
