The U.S. Treasury Secretary acknowledged that market volatility has increased due to the negotiations with China.

On Wednesday, U.S. Treasury Secretary Scott Bessent assured that President Donald Trump will have the final say on any trade agreement signed with countries seeking tariff reductions.

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“As he himself has said, he will have the final word on any trade deal,” Bessent stated categorically when asked by the House Financial Services Committee about the president’s authority over the agreements currently being negotiated.

The U.S. Treasury Secretary acknowledged that market volatility has increased due to the negotiations with China, which will begin on Saturday and will be led by U.S. Trade Representative Jamieson Greer.

When asked by Democratic Congresswoman Nydia Velazquez about the current stage of the talks with Beijing, Bessent clarified that the Geneva meeting will mark the beginning of the exchanges, and that this is far from being an advanced dialogue.

The Treasury Secretary also specified that Peter Navarro, President Trump’s senior advisor on trade and manufacturing, will not take part in the negotiations with China, whose team will be headed by Vice Premier He Lifeng.

Earlier, when announcing the meeting with China, Bessent stated that the current standoff between the world’s two largest economies is “unsustainable,” that the meetings in Switzerland will focus on “de-escalation,” and that Washington has no intention of economically decoupling from Beijing.

Lawmakers asked Bessent for details on the negotiations with China and 17 other countries. He refused to disclose any information, arguing that doing so would not serve the interests of the United States.

Since Trump reactivated the trade war in early April, the United States has imposed tariffs of 145% on Chinese products, to which the Asian giant has responded with 125% tariffs.

teleSUR/ JF

Source: EFE

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