scottbessent

#ScottBessent
U.S. Treasury Secretary Scott Bisent stated that he wishes to remain in his current position after a report emerged suggesting he is a candidate to succeed the Federal Reserve Chair.

When asked about the role he prefers, Bisent told the House Financial Services Committee that he holds one of the best positions in Washington, emphasizing that he is "happy to do what President (Donald) Trump wants me to do," and added: "I believe we are making great progress in the Treasury Department."

The cryptocurrency market is known for its high volatility, and one of the macro factors that has the greatest impact on it is the interest rate policy of the United States. Recent statements from Treasury Secretary Scott Bessent indicate the Trump administration's direction toward lowering interest rates, and this could have significant effects on Bitcoin and other digital assets.

Washington – Madrid: U.S. Democrats are urging Treasury Secretary Scott Bessent to take a hard line against China during trade talks in Spain. Lawmakers argue that Beijing is flooding global markets with excess steel and solar panel production and want any future deal to include binding limits on this output.

Democrats Call for Binding Commitments
Members of the House Select Committee on China sent a letter to Bessent and his negotiating team stressing that China’s “structural overproduction” is destroying American industry and jobs. They emphasized that cheap Chinese exports threaten not only the U.S. but also key allies like Japan and South Korea. As a result, they are calling for a coordinated global strategy.
“China’s historical reliance on overproduction to fuel growth has had a devastating impact on international markets and stability,” the letter said, according to Reuters. Lawmakers also criticized previous tariffs, which often hit U.S. allies harder than Beijing, and demanded a fairer approach.

TikTok, Tariffs, and Russian Oil in Focus
The Madrid meetings, running from September 14–17, cover a wide range of contentious topics:

🔹 TikTok – ByteDance faces a September 17 deadline to sell its U.S. operations or face a nationwide ban. Trump has already hinted he may extend the deadline once again.

🔹 Tariffs – Trump postponed the return of triple-digit tariffs for 90 days, with the pause expiring on November 10. Current tariffs stand at 30% on Chinese imports and 10% on U.S. goods, with some sectors facing even higher rates.

🔹 Russian Oil – Trump’s team is pressuring G7 nations to impose tariffs of up to 100% on China and India if they continue buying Russian oil. India has already been hit with a 25% tariff over the issue.

Trump and Xi: Another Showdown Looms
While the current talks are taking place at the ministerial and negotiator level, both sides are considering a direct meeting between Donald Trump and Chinese President Xi Jlnping. The most likely venue would be the APEC summit in South Korea at the end of October.
Until then, Bessent faces pressure not only from Chinese negotiators but also from Democrats at home, who are making their stance clear: “This time, China must be held accountable.”

#usa , #china , #ScottBessent , #Tariffs , #TRUMP

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