Scott Bessent, serving as Treasury Secretary in the current administration, was recently in focus during a high-profile interview on Meet the Press while accompanying President Trump in Malaysia. According to NBC News, Bessent revealed that after two days of negotiations with Chinese counterparts, both sides have created a framework to be discussed in an upcoming meeting between President Trump and Chinese President Xi Jinping in Korea later this week. This development comes as the US threatened to impose new 100 percent tariffs on China starting November 1st, specifically targeting rare earth minerals, if Beijing does not reverse its own proposed restrictions. Bessent expressed cautious optimism, stating China appears ready to make a deal to avoid these escalated tariffs, signaling a possible thaw in trade tensions that have dominated headlines for months.
During the interview, Bessent also addressed domestic economic concerns, particularly inflation. He acknowledged that while overall inflation in September ticked up to 3 percent, core inflation has fallen to 2 percent, the lowest level in some time. While certain food items like coffee, beef, and bacon have seen notable price increases over the past year, Bessent pointed out that other areas such as eggs and gasoline have become more affordable. He attributed much of the remaining affordability challenges to legacy issues from the previous administration, emphasizing ongoing efforts to control prices and stabilize the economy. His remarks sought to balance acknowledgment of lingering consumer pressures with a narrative of gradual, if uneven, progress on inflation.
Bessent also made indirect reference to domestic political gridlock, urging bipartisan cooperation to reopen government operations amid a partial shutdown. He expressed concern that the economic impacts of the shutdown were beginning to deepen, affecting travel and broader economic activity.
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