Treasury Secretary Scott Bessent appeared on a Sunday morning program to dissect President Trump’s strategy regarding tariffs, revealing a confident outlook on an impending Supreme Court decision.
The conversation began with a review of the President’s recent diplomatic engagements with Chinese President Xi. Bessent vehemently defended the meetings, characterizing them as a resounding success despite criticisms leveled by some lawmakers.
Bessent directly challenged a representative’s assessment of the President’s trip, stating it was “ignorant” and “sad.” He insisted he witnessed a “tour de force” firsthand, detailing successful trade and peace agreements forged in Malaysia, Thailand, and Cambodia.
He highlighted the strong rapport established between the President and Japan’s new Prime Minister, further emphasizing the positive momentum of the diplomatic tour. The meeting with President Xi, Bessent asserted, was marked by mutual respect and tangible achievements.
When questioned about negative portrayals from Chinese negotiators, as reported in a major newspaper, Bessent dismissed them as “highly inaccurate.” He pointed to seven consecutive months of declining Chinese manufacturing as evidence of the tariffs’ impact.
Bessent explained that while Chinese trade with Europe had increased, it was largely due to currency devaluation. He underscored a deeper economic instability within China, citing a burgeoning real estate crisis.
The discussion then turned to the critical issue of rare earth minerals, a long-standing vulnerability for the nation. Bessent revealed the administration was aggressively pursuing independence in this sector, promising action at “warp speed.”
He emphasized this wasn’t a new problem, but one decades in the making, with China having effectively monopolized the rare earth market. The administration, he stated, was determined to break that hold.
Looking ahead to the Supreme Court hearing on the legality of the tariffs, Bessent expressed strong optimism. He argued the President acted decisively in response to China’s threat to restrict rare earth exports in October.
Bessent framed the President’s actions as a necessary exercise of emergency powers, particularly in light of the ongoing fentanyl crisis, which he described as a national emergency demanding immediate attention.
He argued that China’s attempt to control rare earth products, coupled with the fentanyl epidemic, clearly justified the invocation of emergency powers to protect national interests.
