1:44US Treasury Secretary Scott Bessent appears on ABC News’ ‘This Week,’ Oct. 26, 2025.ABC News
Treasury Secretary Scott Bessent communicated that he achieved a "significant agreement" regarding commerce discussions between the U.S. and China prior to a conference between President Donald Trump and Chinese President Xi Jinping on Thursday — with the potential to sidestep considerable duties on Chinese imported products.
"I believe we’ve come to a meaningful agreement for the two leaders who will assemble in Korea next Thursday," Bessent declared to ABC News' "This Week" co-host Martha Raddatz. "The president granted me maximum negotiating power when he threatened 100% duties if the Chinese put into practice their rare earth global export limitations, therefore I think we have prevented that," expressing that the duties on Chinese products would be evaded if the arrangement persists.
Regarding China's caution to enforce export restrictions on precious rare earth elements, Bessent conveyed his belief that "they intend to postpone that for a year as they reevaluate it."
Bessent also hinted at a conceivable accord on American soybeans after China ceased obtaining them from the U.S. during the existing commerce dispute. According to the American Soybean Association, China represents the premier purchaser of American soybeans, procuring more than 50% of U.S. exports in 2023 and 2024.
US Treasury Secretary Scott Bessent appears on ABC News’ ‘This Week,’ Oct. 26, 2025.ABC News
"I anticipate, when the announcement of the arrangement with China is revealed publicly, that our soybean growers will feel highly optimistic about the current situation, encompassing both the current season and the forthcoming seasons, spanning multiple years," he remarked.
Bessent further commented on the prolonged government shutdown, presently the second-longest within U.S. history, hesitating at the likelihood of resuming dialogues with Democrats.
"Should the president be convening with Democrats once more?" Raddatz inquired.
"Well, what benefit does it provide, Martha? They’ve become entrenched," Bessent answered, alluding to Democratic legislators who are advocating for an extension of pandemic-era healthcare aid, scheduled to lapse at the culmination of this year.
"Fifty-two Republican senators have cast their votes 11 times to reinstate the government, three courageous moderate Democrats have crossed party lines," he stated. "So, you know, I urge moderate Democratic senators to terminate this absurdity."
Sourse: abcnews.go.com
