US Treasury Secretary Scott Bessent spoke with reporters on Monday following trade talks this past weekend with Chinese officials in Geneva, Switzerland.
As The Gateway Pundit reported on Sunday, Bessent announced that they struck a deal during their eight-hour meetings.
China and the United States have agreed to reduce tariffs by May 14, with China retaining a 10% tariff on American goods while the US retains a 10% reciprocal tariff on Chinese goods. Additionally, China has agreed to help the US “take aggressive actions to stem the flow of fentanyl and other precursors from China to illicit drug producers in North America.”
On Monday morning Secretary Bessent spoke with reporters about the trade talks with China. Bessent told them that China blew off their trade obligations when Joe Biden entered office.
They knew he was weak.
Treasury Secretary Scott Bessent: In January 2020, President Trump produced a template. We had an excellent trade agreement with China, and the Biden administration chose not to enforce it. The Chinese delegation basically told us that once President Biden came into office, they just ignored their obligations. So we all already have a large framework.
The other thing to remember here, Jonathan, is that this is a pause down to 10 %. The April second level for China is 34 %. So we will be working to see where their final reciprocal number ends up. The negotiations are a combination of tariffs, non-tariff trade barriers, currency manipulation, and subsidies of labor and capital.
HOLY SMOKES: Treasury Secretary Scott Bessent just revealed that the Chinese said during their closed-door talks that they IGNORED their trade commitments under Biden because they knew he was weak.
“The Chinese delegation basically told us that once President Biden came into… pic.twitter.com/vdJDoRUr4y
— Eric Daugherty (@EricLDaugh) May 12, 2025
This statement by the Chinese trade officials also exposes them as untrustworthy. Their agreements should be honored no matter who is leading America. President Trump understands this.
The post Treasury Secretary Bessent: “The Chinese Told Us Once Joe Biden Came into Office They Just Ignored Their Obligations” appeared first on The Gateway Pundit.