Treasury Secretary Scott Bessent dismissed Walmart CEO Doug McMillon’s “draconian” tariff warning on Sunday, stating the retail giant will absorb some costs and may pass other price increases on to consumers, following a direct conversation between the two.
Bessent shared the development on CNN&#8217;s &#8220;State of the Union&#8221; after McMillon announced last week that tariffs would lead to higher prices at Walmart, prompting President Donald Trump to <a href="https://www.dailywire.com/news/eat-the-tariffs-trump-unloads-on-walmart-ceo-for-saying-hes-raising-prices" target="_blank" rel="noopener">warn against</a> it.
&#8220;I did speak to Doug McMillon, who I have a very good relationship [with], yesterday, just to understand what he had to say,&#8221; Bessent told anchor Jake Tapper. &#8220;And understand that came from an earnings call. On an earnings call, because of SEC requirements, they have to give the most draconian case. So Walmart will be absorbing some of the tariffs. Some may get passed on to consumers.&#8221;
He added: &#8220;But the other thing that&#8217;s happening is that inflation is down. We had the first drop in inflation in four years under President Trump. The other thing that Doug mentioned to me is, for his consumers, for his buyers, the most important thing are gasoline prices. And this administration has gotten gasoline prices down. Service prices are down. So, overall, I would expect inflation to remain in line. But I don&#8217;t blame consumers for being skittish after what happened to them four years under [President Joe] Biden. We had the worst inflation in 40 years.”
<blockquote class="twitter-tweet" data-media-max-width="560">
Bessent: &#8220;Walmart will be absorbing some of the tariffs. Some may get passed on to consumers.&#8221; <a href="https://t.co/QhpOfIMsim">pic.twitter.com/QhpOfIMsim</a>
— The Bulwark (@BulwarkOnline) <a href="https://twitter.com/BulwarkOnline/status/1924092180613759120?ref_src=twsrc%5Etfw">May 18, 2025</a></blockquote>
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McMillon shared his forecast for prices during an earnings call on Thursday, alluding to a breakthrough in negotiations in which the United States <a href="https://www.dailywire.com/news/u-s-china-release-details-of-agreement-to-dramatically-slash-tariffs" target="_blank" rel="noopener">lowered</a> tariffs on Chinese imports from 145% down to 30% for 90 days while trade discussions continue between the world&#8217;s two largest economies.
&#8220;We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” McMillon <a href="https://corporate.walmart.com/content/dam/corporate/documents/newsroom/2025/05/15/walmart-releases-q1-fy26-earnings/q1-fy26-earnings-call-transcript.pdf" target="_blank" rel="noopener">said</a>, adding later: &#8220;We&#8217;re positioned to manage the cost pressure from tariffs as well or better than anyone. But even at the reduced levels, the higher tariffs will result in higher prices.&#8221;
Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114523638623110397" target="_blank" rel="noopener">responded</a> Saturday in a post on Truth Social.
&#8220;Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected,&#8221; Trump said. &#8220;Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!&#8221;

Treasury Secretary Scott Bessent

Bessent Speaks To Walmart CEO, Dismisses ‘Draconian’ Forecast On Tariffs

China

Donald Trump

Economy

Scott Bessent

Tariffs

U.S.

Walmart

The United States and China on Monday announced an agreement to significantly reduce tariffs for 90 days while trade negotiations continue after top American and Chinese officials met in Switzerland over the weekend.
The deal means that President Donald Trump&#8217;s 125% reciprocal tariff on China will be reduced to 10%, with a 20% fentanyl tariff still in place, a significant drop from the 145% tariff placed on Chinese goods in the last few weeks. China will drop its retaliatory tariffs on the United States from 125% to 10%. The reductions are to be in place by Wednesday, May 14.
“After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations,” said a joint statement from the United States and China. &#8220;These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the Parties. As required, the two sides may conduct working-level consultations on relevant economic and trade issues.&#8221;
U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, and China Vice Premier of the State Council He Lifeng will continue discussions.
&#8220;I would say one of the big takeaways from this weekend — the United States will continue a strategic rebalancing in many areas that were exposed as supply chain weaknesses during COVID, whether it&#8217;s medicines, whether it&#8217;s semiconductors, steel,&#8221; Bessent said. &#8220;We will continue moving toward U.S. independence or reliable supplies from allies on those — but the consensus from both delegations this weekend is neither side wants a decoupling.&#8221;
China will also suspend non-tariff actions taken against the United States since April 2 such as restrictions on exports of rare earths and penalties for certain American companies.
Bessent added that he would like to see China open to more American goods and said that the two countries now have a mechanism in place to continue trade discussions. He <a href="https://www.cnbc.com/2025/05/12/treasury-secretary-bessent-says-hes-likely-to-meet-with-china-again-in-next-few-weeks.html" target="_blank" rel="noopener">later told</a> CNBC that he expected to meet with Chinese officials again in a few weeks to work toward a more &#8220;fulsome agreement.&#8221;
“We tried to identify shared interest,” he said. “We came with a list of problems that we were trying to solve, and I think we did a good job on that.”
The White House also wants to rebalance trade with China, noting in a release that the trade deficit with the communist country was $295.4 billion in 2024.
Bessent said that the Biden administration had failed to make China abide by previous trade agreements.
&#8220;We had an excellent trade agreement with China — and the Biden Administration chose not to enforce it,&#8221; he said. &#8220;The Chinese delegation basically told us that once President Biden came into office, they just ignored their obligations.&#8221;
<blockquote class="twitter-tweet">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a>: &#8220;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.&#8221; <a href="https://t.co/Sv8pxVrazf">pic.twitter.com/Sv8pxVrazf</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1921896843610403005?ref_src=twsrc%5Etfw">May 12, 2025</a></blockquote>
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Greer noted that Chinese officials had indicated that they would be taking more steps to crackdown on the flow of fentanyl originating in China into the United States.
&#8220;Both the Chinese and the United States agreed to work constructively together on fentanyl and there&#8217;s a positive path forward there as well,&#8221; he told reporters.
Bessent noted that the Chinese Deputy Minister for Public Safety, who he noted was not &#8220;traditionally part of the trade team,&#8221; was present at the talks over the weekend. He said that official had a &#8220;robust and highly detailed&#8221; discussion on the fentanyl issue.
Stock markets worldwide surged due to the temporary agreement, and the U.S. stock futures also jumped.

SWITZERLAND-US-CHINA-DIPLOMACY-TARIFF-TRADE

U.S., China Release Details Of Agreement To Dramatically Slash Tariffs

Politics

trade

Trade War

Trump Administration

After two days of talks in Switzerland, President Donald Trump&#8217;s envoys touted what they said was significant movement toward reaching a trade deal with China.
Treasury Secretary Scott Bessent told reporters on Sunday that there was <a href="https://x.com/business/status/1921615311838577125" target="_blank" rel="noopener">&#8220;substantial progress&#8221;</a> and a &#8220;great deal of productivity&#8221; in the discussions with Chinese officials.
&#8220;We will be giving details tomorrow, but I can tell you that the talks were productive,&#8221; Bessent added.
<blockquote class="twitter-tweet" data-media-max-width="560">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a> says there has been a &#8220;great deal of productivity&#8221; in trade talks with China: &#8220;We will be giving details tomorrow, but I can tell you that the talks were productive.&#8221; <a href="https://t.co/v85uugnMnV">pic.twitter.com/v85uugnMnV</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1921597140784013614?ref_src=twsrc%5Etfw">May 11, 2025</a></blockquote>
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The delegation from China also indicated the negotiations went well.
Chinese Vice Premier He Lifeng said the talks marked &#8220;an important first step&#8221; and promised a joint statement, according to <a href="https://www.bloomberg.com/news/articles/2025-05-11/us-china-made-substantial-progress-in-trade-talks-bessent-says" target="_blank" rel="noopener">Bloomberg</a>.
As it stands, the United States imposed an overall tariff rate on Chinese goods at 145%. Beijing responded by <a href="https://www.cnbc.com/2025/04/11/china-strikes-back-with-125percent-tariffs-on-us-goods-starting-april-12.html" target="_blank" rel="noopener">raising</a> tariffs on U.S. goods to 125%.
China&#8217;s delegation <a href="https://www.dailywire.com/news/china-dispatches-top-security-chief-to-face-trump-team-over-fentanyl-crisis-tariffs" target="_blank" rel="noopener">reportedly</a> included President Xi Jinping&#8217;s top security official, a sign the discussions broached the fentanyl crisis in addition to trade.
The world&#8217;s two largest economies have been roiled as a result of the trade war, which escalated with Trump&#8217;s &#8220;Liberation Day&#8221; tariffs last month.
Bessent noted that he and U.S. Trade Representative Jamieson Greer spoke to Trump the night before.
&#8220;He is fully informed of what is going on,&#8221; Bessent said of the president.
Trump himself posted about the talks on Truth Social in the evening on Saturday.
&#8220;A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114486066663976973" target="_blank" rel="noopener">said</a>.
&#8220;We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!&#8221; the president added.
Greer, who was standing beside Bessent, said China&#8217;s officials &#8220;worked very diligently&#8221; and were &#8220;very tough negotiators.&#8221;
<blockquote class="twitter-tweet" data-media-max-width="560">
.<a href="https://twitter.com/USTradeRep?ref_src=twsrc%5Etfw">@USTradeRep</a> in Geneva: &#8220;The U.S. has a massive $1.2 trillion trade deficit, so the President declared a national emergency &#8230; We&#8217;re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency.&#8221; <a href="https://t.co/1kuPhzzGLp">pic.twitter.com/1kuPhzzGLp</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1921597758911267219?ref_src=twsrc%5Etfw">May 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
He echoed what Bessent said, declaring how the past two days were &#8220;very constructive,&#8221; and then made a stark observation about the timeframe.
&#8220;It&#8217;s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought,&#8221; Greer said.
&#8220;That being said, there was a lot of groundwork that went into these two days,&#8221; he continued.
Greer also emphasized that it was &#8220;important&#8221; to remember why they were there in the first place.
&#8220;The United States has a massive $1.2 trillion trade deficit, so the president declared a national emergency and imposed tariffs,&#8221; Greer said.
&#8220;We&#8217;re confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency,&#8221; he added.
Heading into the high-stakes talks, Trump suggested that Bessent had room to offer a lower rate.
“80% Tariff on China seems right! Up to Scott B,” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114477628854583525" target="_blank" rel="noopener">said</a> in a Truth Social post on Friday.
Trump officials have been <a href="https://www.dailywire.com/news/sorry-china-bessent-says-deal-with-massive-trade-partner-very-close" target="_blank" rel="noopener">negotiating</a> on trade with a host of nations impacted by the president&#8217;s &#8220;Liberation Day&#8221; tariffs, which hinge on a national emergency declaration.
Last week, the White House unveiled a trade deal <a href="https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-u-s-uk-reach-historic-trade-deal/" target="_blank" rel="noopener">framework</a> with the United Kingdom.

US Treasury Secretary Scott Bessent (L) and US Trade Representative Jamieson Greer

Trump’s Envoys Tease China Trade Breakthrough, Stress How ‘Quickly’ It Came Together

Communist China

Free Trade

Switzerland

&#8220;Great progress&#8221; was made in trade negotiations with China, President Donald Trump said on Saturday evening, as he touted a &#8220;total reset&#8221; in the making.
Trump made the announcement as Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer <a href="https://www.dailywire.com/news/breakthrough-trump-officials-set-date-for-direct-trade-talks-with-china" target="_blank" rel="noopener">met</a> with Chinese officials in Switzerland over the weekend.
&#8220;A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114486066663976973" target="_blank" rel="noopener">said</a> on Truth Social. &#8220;We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!&#8221;
While many countries received a 90-day reprieve for &#8220;Liberation Day&#8221; tariffs above the baseline rate of 10% last month, the United States <a href="https://www.dailywire.com/news/trump-issues-90-day-pause-on-most-tariffs-raises-chinas-to-125" target="_blank" rel="noopener">increased</a> the overall penalty on Chinese goods to 145%. Beijing responded by <a href="https://www.cnbc.com/2025/04/11/china-strikes-back-with-125percent-tariffs-on-us-goods-starting-april-12.html" target="_blank" rel="noopener">raising</a> tariffs on U.S. goods to 125%. The economies in the United States and China have been roiled as a result of the trade war.
Heading into the high-stakes talks, Trump suggested that Bessent had room to offer a lower rate.
&#8220;80% Tariff on China seems right! Up to Scott B,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114477628854583525" target="_blank" rel="noopener">said</a> in a Truth Social post on Friday.
China’s President Xi Jinping sent a delegation led by Vice Premier He Lifeng.
The Wall Street Journal <a href="https://www.dailywire.com/news/china-dispatches-top-security-chief-to-face-trump-team-over-fentanyl-crisis-tariffs" target="_blank" rel="noopener">reported</a> that the group includes Minister of Public Security Wang Xiaohong, who is considered &#8220;the point person in Beijing’s recent discussions with Washington over how to address President Trump’s concerns about China’s role in the fentanyl trade.&#8221;
Trump administration officials have been negotiating on trade with a host of nations over the past several weeks and have <a href="https://www.dailywire.com/news/sorry-china-bessent-says-deal-with-massive-trade-partner-very-close" target="_blank" rel="noopener">signaled</a> progress in talks with the likes of India, South Korea, and Japan.
Last week, the White House unveiled a trade deal <a href="https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-u-s-uk-reach-historic-trade-deal/" target="_blank" rel="noopener">framework</a> with the United Kingdom that aims to slash tariffs and non-tariff barriers to unlock $5 billion in new export opportunities for U.S. farmers and businesses, while retaining a 10% Liberation Day tariff base rate and imposing &#8220;alternative&#8221; arrangements for British auto and steel imports to &#8220;bolster&#8221; economic and national security.
“Both countries have agreed that economic security is national security and will be working together as allies to ensure that we have a strong industrial base and appropriate export controls and protections for key technologies and industries like steel,” Trump <a href="https://www.dailywire.com/news/both-countries-will-become-stronger-trumps-trade-deal-will-give-u-s-more-access-to-u-k-economy" target="_blank" rel="noopener">said</a>. “Steel was a big factor. Both countries will become stronger with steel.”

President Donald Trump

Trump Hails ‘Total Reset’ In China Trade Negotiations

Executive

World

President Donald Trump on Friday called for China to open up its markets to the United States and floated the possibility of cutting the current tariffs on China nearly in half.
Trump made the comments just one day after telling reporters that he expected tariffs on China to be lowered soon. This weekend, American and Chinese officials are set to meet in Switzerland to discuss trade and other economic matters.
&#8220;CHINA SHOULD OPEN UP ITS MARKET TO USA — WOULD BE SO GOOD FOR THEM!!! CLOSED MARKETS DON’T WORK ANYMORE!!!&#8221; Trump posted on his Truth Social social media platform early Friday morning.
A few minutes later, he posted, &#8220;80% Tariff on China seems right! Up to Scott B,&#8221; presumably referring to Treasury Secretary Scott Bessent.
Tariffs on China have been <a href="https://www.dailywire.com/news/white-house-lays-out-exact-tariff-rate-on-china-going-forward" target="_blank" rel="noopener">set at 145%</a> since last month after the communist country moved to retaliate against Trump&#8217;s tariffs. At the same time, China imposed a 125% levy on American goods. During an event in the Oval Office on Thursday, Trump <a href="https://nypost.com/2025/05/08/business/us-weighs-plan-to-slash-china-tariffs-to-as-low-as-50-as-soon-as-next-week-sources/" target="_blank" rel="noopener">said</a> that tariffs on China would not increase anymore and could &#8220;only go down.&#8221;
&#8220;It’s at 145 so we know it’s coming down,” Trump said. “I think we’re going to have a very good relationship.”
Treasury Secretary Bessent and U.S. Trade Representative Jamieson Greer <a href="https://www.dailywire.com/news/breakthrough-trump-officials-set-date-for-direct-trade-talks-with-china" target="_blank" rel="noopener">are poised</a> to meet with Chinese officials on Saturday and Sunday in Geneva to attempt to work out a trade deal.
“At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,” Greer <a href="https://ustr.gov/about/policy-offices/press-office/press-releases/2025/may/ambassador-jamieson-greer-travel-switzerland" target="_blank" rel="noopener">said</a>. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.”
Bessent has said that the current economic situation with China is &#8220;unsustainable&#8221; and that the United States wants &#8220;fair trade&#8221; and not to completely decouple from China.
On Thursday, Trump announced his first big trade agreement. Trump said the deal with the United Kingdom would allow the United States to gain increased market access in the U.K. for billions of dollars worth of American exports. The 10% baseline tariff on British goods remains in place with exceptions for exports of Rolls-Royce engines and airplane parts.

Trump Hails The Election Of First US Pope As A ‘Great Honor’

Trump Calls For China To Open Its Markets, Floats Major Tariff Reduction

Economics

On Thursday, a group of mostly Senate Democrats derailed a cryptocurrency regulation bill backed by the Trump administration, at least for the time being.
The <a href="https://www.congress.gov/bill/119th-congress/senate-bill/1582/text" target="_blank" rel="noopener">GENIUS Act</a> failed to advance in a 48-49 vote, with Sens. Rand Paul (R-KY) and Josh Hawley (R-MO) joining Democrats in opposing the legislation. It needed 60 votes to bypass the procedural hurdle.
Senate Majority Leader John Thune (R-SD) reportedly <a href="https://x.com/burgessev/status/1920546090811560314" target="_blank" rel="noopener">switched</a> his vote to &#8220;nay&#8221; in a move that allows future reconsideration.
The legislation seeks to create a framework for <a href="https://www.dailywire.com/news/white-house-gop-leaders-pledge-major-crypto-bills-in-first-100-days" target="_blank" rel="noopener">stablecoins</a>, which are significant in digital asset exchanges and pegged to stable assets such as the U.S. dollar.
Democrats, some of whom had previously supported the legislative push, relayed concerns about protections for consumers and President Donald Trump’s crypto ties. They also claimed Republicans rushed the vote without finalized text.
&#8220;Senate Republicans are trying to jam Democrats with a stablecoin bill that helps Trump rake in hundreds of millions of dollars — just as he tanks the economy and raises costs for everyone else,&#8221; Sen. Elizabeth Warren (D-MA) <a href="https://x.com/SenWarren/status/1920529423259881571" target="_blank" rel="noopener">said</a> on X. &#8220;Rolling over without fixing this bill would be a huge mistake.&#8221;
Before the vote, Thune delivered remarks in which he said senators were voting on a sixth version of the bill that had been drafted with the input from both Republicans and Democrats.
&#8220;And if senators would like the opportunity to make further modifications to the bill, I encourage them to vote for cloture,&#8221; Thune <a href="https://www.thune.senate.gov/public/index.cfm/press-releases?ID=7279B92C-4461-46C2-8E17-35EBFC1B1589" target="_blank" rel="noopener">said</a>. &#8220;Once we’re on the bill, we can discuss changes here on the floor. We’ve had an open process on this bill so far, so why stop now?&#8221;
Reporters noted on X that Paul had <a href="https://x.com/igorbobic/status/1920523794801668185" target="_blank" rel="noopener">said</a> he did not get enough information to &#8220;convince&#8221; him that the bill was a good idea while Hawley <a href="https://x.com/StefWKight/status/1920528428400275522" target="_blank" rel="noopener">emphasized</a> that he wanted to see the latest text of the legislation.
Treasury Secretary Scott Bessent <a href="https://x.com/SecScottBessent/status/1920551341531017606" target="_blank" rel="noopener">expressed</a> disappointment with the outcome of the procedural vote.
&#8220;For stablecoins and other digital assets to thrive globally, the world needs American leadership. The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act,&#8221; Bessent <a href="https://x.com/SecScottBessent/status/1920551341531017606" target="_blank" rel="noopener">said</a>, adding later: &#8220;Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore.&#8221;

Senator Elizabeth Warren

Crypto Bill Falters In Senate — For Now

Congress

Cryptocurrency

finance

Money

Technology

U.S. Senate

A breakthrough in the tariff standoff between the United States and China emerged on Tuesday evening.
Treasury Secretary <a href="https://home.treasury.gov/news/press-releases/sb0132" target="_blank" rel="noopener">Scott Bessent</a> and U.S. Trade Representative <a href="https://ustr.gov/about/policy-offices/press-office/press-releases/2025/may/ambassador-jamieson-greer-travel-switzerland" target="_blank" rel="noopener">Jamieson Greer</a> are poised to meet with Chinese officials in Switzerland over the weekend to discuss trade and economic matters, according to their respective agencies. China reportedly <a href="https://www.nytimes.com/2025/05/06/business/economy/us-china-trade-talks.html" target="_blank" rel="noopener">confirmed</a> there will be talks.
&#8220;I was going to be in Switzerland to negotiate with the Swiss. Turns out, the Chinese team is traveling through Europe and they will be in Switzerland also. So, we will meet on Saturday and Sunday,&#8221; Bessent <a href="https://x.com/RapidResponse47/status/1919893288275808625" target="_blank" rel="noopener">said</a> during an interview on Fox News Channel&#8217;s &#8220;The Ingraham Angle.&#8221;
<blockquote class="twitter-tweet" data-media-max-width="560">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a>: &#8220;The world has been coming to the U.S. and China has been the missing piece. I was going to be in Switzerland to negotiate with the Swiss. Turns out, the Chinese team is traveling through Europe and they will be in Switzerland also. So, we will meet on Saturday… <a href="https://t.co/QJZHl98bOx">pic.twitter.com/QJZHl98bOx</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1919893288275808625?ref_src=twsrc%5Etfw">May 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
While many countries received a 90-day reprieve for &#8220;Liberation Day&#8221; tariffs above the baseline rate of 10% last month, the United States <a href="https://www.dailywire.com/news/trump-issues-90-day-pause-on-most-tariffs-raises-chinas-to-125" target="_blank" rel="noopener">increased</a> the overall penalty on Chinese goods to 145%. Beijing responded by <a href="https://www.cnbc.com/2025/04/11/china-strikes-back-with-125percent-tariffs-on-us-goods-starting-april-12.html" target="_blank" rel="noopener">raising</a> tariffs on U.S. goods to 125%.
&#8220;The world has been coming to the U.S. and China has been the missing piece,&#8221; Bessent said. He added later that the United States and China have &#8220;shared interests&#8221; and stressed that the current situation &#8220;isn&#8217;t sustainable, as I&#8217;ve said before, especially on the Chinese side.&#8221;
Protests <a href="https://www.dailywire.com/news/trumps-tariff-sparks-protests-in-china-as-factories-shutter-amid-trade-war" target="_blank" rel="noopener">erupted</a> in China last month as factory workers in Suining, Hunan, and Inner Mongolia demanded unpaid wages and benefits after factory closures triggered by Trump&#8217;s steep tariffs. The economy in the United States has also been impacted, with shipments from China <a href="https://www.pbs.org/newshour/nation/shipments-from-china-fall-as-trumps-tariffs-loom-over-economy" target="_blank" rel="noopener">falling</a> and growing concerns about price increases.
&#8220;We don&#8217;t want to decouple; what we want is fair trade,&#8221; Bessent said.
Bessent and Greer, who are traveling to Switzerland later this week, are also expected to meet with the country&#8217;s president, Karin Keller-Sutter, to discuss trade.
&#8220;At President Trump’s direction, I am negotiating with countries to rebalance our trade relations to achieve reciprocity, open new markets, and protect America’s economic and national security,&#8221; Greer <a href="https://ustr.gov/about/policy-offices/press-office/press-releases/2025/may/ambassador-jamieson-greer-travel-switzerland">said</a>. “I look forward to having productive meetings with some of my counterparts as well as visiting with my team in Geneva who all work diligently to advance U.S. interests on a range of multilateral issues.&#8221;
Trump administration officials have been negotiating on trade with a host of nations over the past several weeks and have <a href="https://www.dailywire.com/news/sorry-china-bessent-says-deal-with-massive-trade-partner-very-close" target="_blank" rel="noopener">signaled</a> progress in talks with the likes of India, South Korea, and Japan.

BREAKTHROUGH: Trump Officials Set Date For Direct Trade Talks With China

Global Politics

The president cut a very good deal with Ukraine the other day.
The rare earth minerals deal between the United States and Ukraine is a deal Ukraine should have signed back in February. Well, they finally came around and signed it on Wednesday.
According to the <a href="https://nypost.com/2025/05/01/world-news/heres-how-trump-made-ukraine-pay-for-military-aid-with-long-awaited-minerals-deal/" target="_blank" rel="noopener">New York Post</a>:
<blockquote>The agreement, inked on Wednesday after months of negotiations, created a shared investment fund to which both nations will contribute — including through oil, gas and mineral rights licenses sold in Ukraine — with the profits split 50/50.</blockquote>
So the United States is not taking money and just throwing it into this fund. We will basically earn credit toward our total contribution equal to the cost of military equipment, technology, or training that we send across the Atlantic. The additional military aid we provide to Ukraine is going to be counted against whatever we would have had to pay into this fund. In some ways, we&#8217;re trading military aid for the development of rare earth minerals in Ukraine. Again, we need rare earth minerals because we&#8217;re presumably not going to get them from China anymore. Ukraine, on the other hand, requires military aid to stand up against the Russian onslaught. It is a good thing, full stop.
President Trump is now showing support for a free and independent Ukraine, and that is an important step. From the <a href="https://nypost.com/2025/05/01/world-news/heres-how-trump-made-ukraine-pay-for-military-aid-with-long-awaited-minerals-deal/" target="_blank" rel="noopener">NY Post</a>:
<blockquote>The agreement does not preclude the US from dispatching remaining military aid approved by Congress under former President Joe Biden — which is expected to run out by next month — nor does it require the US to sell any military aid to Kyiv.</blockquote>
It&#8217;s not clear how much money is supposed to go into the fund, but the bottom line is that instead of just providing pure military aid, we are now getting something significant in return.
The Ukrainians see this as a way of ensuring continued American support.
<h3><a href="https://www.dailywire.com/episode/bss-ep-2191-member-exclusive?elementPosition=0&amp;row=2&amp;rowHeadline=Latest+Episodes&amp;rowType=Horizontal+Show+Episodes+Carousel" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h3>
One source familiar with the strategy originally thought maybe they could leverage the president into a better deal for Ukraine. That did not happen. However, the Ukrainian representative said this is a good deal for both sides.
The Kremlin also recognizes the significance of the deal, albeit through sarcasm.
The deal was mocked by Russian Security Council Deputy Chairman Dmitry Medvedev (everybody in the Russian government is a cut-out for Putin), who said the U.S. leader made a deal with a nation that will soon “disappear.”
From the <a href="https://nypost.com/2025/05/01/world-news/heres-how-trump-made-ukraine-pay-for-military-aid-with-long-awaited-minerals-deal/" target="_blank" rel="noopener">NY Post</a>:
<blockquote>Trump has finally pressured the Kyiv regime to pay for US aid with mineral resources,” he posted to Telegram. “Now, the country that is about to disappear will have to use its national wealth to pay for military supplies.</blockquote>
That does not sound like a Russia that is ready to come to the table again.
Though the White House itself, in its <a href="https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-secures-agreement-to-establish-united-states-ukraine-reconstruction-investment-fund/" target="_blank" rel="noopener">explanation</a> of the minerals deal, suggested:
<blockquote>This partnership represents the United States taking an economic stake in securing a free, peaceful, and sovereign future for Ukraine.
This agreement will also strengthen the strategic partnership between the United States and Ukraine for long-term reconstruction and modernization, in response to the large-scale destruction caused by Russia’s full-scale invasion.</blockquote>
The language of this agreement is some of the most pro-Ukrainian language to come from the Trump administration. This is a positive and necessary shift. If you want Russia to come to the table, the United States can’t threaten to walk away from Ukraine.
According to the White House <a href="https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-secures-agreement-to-establish-united-states-ukraine-reconstruction-investment-fund/" target="_blank" rel="noopener">Fact Sheet</a>:
<blockquote>President Trump envisioned this partnership between the Americans and the Ukrainians to show both sides’ commitment to lasting peace and prosperity in Ukraine.</blockquote>
And by the way:
<blockquote>No state, company, or person who financed or supplied the Russian war machine will be allowed to benefit from the reconstruction of Ukraine, including participation in projects supported by fund resources.</blockquote>
So, good for Ukraine, good for the United States, and good for President Trump.

President Trump Meets Norwegian Prime Minister Store At White House

What Trump’s Mineral Deal Means For The U.S. And Ukraine

Ben Shapiro

Minerals

Opinion

President Trump

Russia

Ukraine

Ukraine-Russia War

China is quietly exempting numerous U.S. imports from its retaliatory tariff on American goods, a sign that the Chinese economy is taking a hit in the trade war with the Trump administration, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-05-02/china-s-stealth-exemptions-may-amount-to-a-quarter-of-us-imports" target="_blank" rel="noopener">reported</a> on Friday.
A list circulating among businesses shows that 131 items, including pharmaceuticals and industrial chemicals, are not being slapped by China&#8217;s tariff as multiple companies have been able to get the products into China without paying a duty, according to Bloomberg. The unconfirmed list makes up 24% of Chinese imports from the United States, worth around $40 billion.
The report comes shortly after U.S. Treasury Secretary Scott Bessent <a href="https://www.foxbusiness.com/media/treasury-secretary-bessent-signals-us-advantage-tariff-battle-chinas-economy-crumbles" target="_blank" rel="noopener">said</a> that China&#8217;s economy &#8220;is slowing down substantially,&#8221; adding, &#8220;They are the most unbalanced, imbalanced economy in the history of the world.&#8221;
&#8220;We saw some very poor [gross domestic product] numbers out of China yesterday. We&#8217;re now seeing very large estimates of job growth loss from 5 to 10 million jobs,&#8221; Bessent told Fox Business host Maria Bartiromo on &#8220;Mornings with Maria&#8221; on Thursday. &#8220;So the Chinese economy is slowing down substantially here. So, what we will first want to see is a de-escalation.&#8221;
Bessent added that the trade war is &#8220;not sustainable on the Chinese side.&#8221;
China remained defiant as Trump raised the tariff on China to 145%. The communist country hit back at the United States with a 125% tariff on American goods, saying it won&#8217;t respond to &#8220;pressure, threats, and blackmail.&#8221; But just as President Donald Trump exempted electronics, such as smartphones, from an additional tariff on China, the Chinese government is seeking to soften the blow on its economy from its own tariff.
The exemptions could also help ease tensions between the United States and China as the Trump administration continues to push for trade negotiations. President Trump <a href="https://www.foxnews.com/politics/trump-china-calling-a-lot-since-last-weeks-tariff-increase-deal-could-happen-few-three-weeks" target="_blank" rel="noopener">said</a> last month that China has reached out about trade talks &#8220;a number of times,&#8221; adding that even if a deal cannot be reached, the tariffs will work themselves out. However, the Chinese government said this week that the White House has reached out, &#8220;hoping to start talks with China.&#8221;
&#8220;China is currently evaluating this,&#8221; the Chinese Commerce Ministry said, adding that it wants the United States to be open to completely removing its tariff on Chinese imports.
“If the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs,” the Chinese Commerce Ministry added.

China tariffs

China Feels The Pain, Exempts $40 Billion Worth Of U.S. Imports From Tariffs

Ukraine and the United States signed a rare earth minerals deal on Wednesday afternoon, the U.S. Treasury confirmed, establishing what they named the United States-Ukraine Reconstruction Investment Fund.
Treasury Secretary Scott Bessent announced that the deal had been finalized in a video posted to social media, saying, &#8220;Today&#8217;s agreement signals clearly to Russian leadership that the Trump administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.&#8221;
&#8220;Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help accelerate Ukraine’s economic recovery,&#8221; Bessent said. &#8220;Economic security is national security.&#8221;
The Treasury Secretary added that the U.S. International Development Finance Corporation will establish the investment fund with the Ukrainian government.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Thanks to <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help… <a href="https://t.co/N1jPa35DYh">pic.twitter.com/N1jPa35DYh</a>
&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/1917697018551754802?ref_src=twsrc%5Etfw">April 30, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Bessent revealed earlier in the day that Ukraine was ready to agree to the deal after requesting some last-minute changes.
During a cabinet meeting at the White House, Bessent told reporters that the United States was &#8220;ready to sign&#8221; the deal &#8220;this afternoon&#8221; if Ukraine was on board. Ukrainian officials were in Washington, D.C., to hash out the final technicalities of the agreement, and after some last-minute minor changes to the deal on Tuesday night, Bessent was hopeful that the deal will finally be signed.
&#8220;The Ukrainians decided last night to make some last-minute changes. We&#8217;re sure that they will reconsider that, and we are ready to sign this afternoon if they are,&#8221; the Treasury Secretary said.
He added that Ukraine&#8217;s changes don&#8217;t have any major effect on the overall minerals agreement.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a> on the minerals deal with Ukraine: &quot;Our side is ready to sign. The Ukrainians decided last night to make some last-minute changes. We&#39;re sure that they will reconsider that and we are ready to sign this afternoon if they are.&quot; <a href="https://t.co/U4Pp0i0Dzn">pic.twitter.com/U4Pp0i0Dzn</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1917632594021134598?ref_src=twsrc%5Etfw">April 30, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Both sides had already agreed to the main part of the deal but were working through &#8220;some technical elements,&#8221; according to <a href="https://www.bloomberg.com/news/articles/2025-04-30/ukraine-and-us-working-on-last-details-of-critical-minerals-deal?srnd=homepage-americas" target="_blank" rel="noopener">Bloomberg</a>, which cited sources familiar with the discussion. Ukrainian Prime Minister Denys Shmyhal said earlier on Wednesday that the agreement “will be signed in the near future, hopefully within 24 hours.” Shmyhal added that Economy Minister Yulia Svyrydenko is traveling to D.C. to sign the deal.
The minerals agreement will give the United States access to some of Ukraine&#8217;s vital natural resources, including aluminum, graphite, oil, and natural gas, Bloomberg reported. In return, Ukraine will receive continued military assistance and guarantees from the United States to help &#8220;the long-term reconstruction and modernization of Ukraine, in response to the large-scale destruction caused by Russia’s full-scale invasion,&#8221; according to a draft of the agreement. According to Shmyhal, the latest draft of the agreement ties the United States and Ukraine together for 10 years, the Associated Press <a href="https://apnews.com/article/russia-ukraine-war-putin-trump-peace-ce025ba11929ceff0c90f94c25a47624" target="_blank" rel="noopener">reported</a>.
The deal has been months in the making after hitting a roadblock when Ukrainian President Volodymyr Zelensky was chided by President Donald Trump and Vice President JD Vance in the Oval Office in late February. Following heated discussion, Zelensky was asked to leave the White House without signing the minerals deal.
Trump has been pushing Ukraine and Russia to come to terms on a peace deal to end the war, but he has grown increasingly frustrated with both Zelensky and Russian President Vladimir Putin over the lack of progress. A signed minerals deal, however, is a major step forward for the Trump administration in its foreign policy talks with Ukraine and would come as Trump celebrates his first 100 days back in office.

Donald Trump, Volodymyr Zelensky

Done Deal: U.S. Signs Minerals Agreement With Ukraine

A deal with India is &#8220;very close,&#8221; Treasury Secretary Scott Bessent said on Tuesday, signaling what could be a major breakthrough in negotiations with a significant trade partner.
Many foreign countries, including India, face a 10% baseline tariff after President Donald Trump announced a 90-day pause for harsher &#8220;Liberation Day&#8221; tariffs he unveiled at the beginning of April. The tariffs for India could rise to 26%, which was the initial rate, if a deal is not reached.
At a White House press briefing, a reporter asked Bessent if he had anything to share on whether &#8220;something could happen&#8221; this week or the next. He <a href="https://www.realclearpolitics.com/video/2025/04/29/bessent_trade_talks_with_india_korea_japan.html" target="_blank" rel="noopener">chose</a> to focus on India.
&#8220;I think we’re very close on India,&#8221; Bessent said. &#8220;India — just a little inside baseball. India, in a funny way, is easier to negotiate with than many other countries because they have very high tariffs and lots of tariffs.&#8221;
He added: &#8220;So, it’s much easier to confront the direct tariffs when, as we go through these unfair trade deals that have been put in over decades, that the non-tariff trade barriers can be much more insidious and also harder to detect. So, a country like India, which has the posted and ready tariffs, it’s much easier to negotiate with them. I think the India negotiations will move well.&#8221;
Last week, Vice President JD Vance travelled to India and met with the country&#8217;s prime minister, Narendra Modi.
Vance <a href="https://x.com/EricLDaugh/status/1914650218940805207" target="_blank" rel="noopener">announced</a> the United States and India finalized the “terms of reference” for a trade negotiation, adding that he believed it was a &#8220;vital step toward realizing President Trump&#8217;s and Prime Minister Modi&#8217;s vision because it sets a roadmap toward a final deal.&#8221;
India, along with Japan and South Korea, seem to be making the greatest amount of headway in talks with the United States.
These &#8220;Asian trading partners and allies,&#8221; Bessent said, &#8220;have been the most forthcoming in terms of doing the deals &#8230; Vice President Vance was in India last week. I think that he and President Modi made very good progress, so I could see some announcements on India. I could see the contours of a deal with the Republic of Korea coming together, and then we&#8217;ve had substantial talks with the Japanese.&#8221;
Because Japan and South Korea have elections coming up in the months ahead, Bessent sees an opportunity to reach agreements with them sooner rather than later.
&#8220;I think from our talks that these governments actually want to have the framework of a trade deal done before they go into the elections to show that they have successfully negotiated with the United States,&#8221; Bessent said. &#8220;So, we’re finding that they’re actually much more keen to come to the table, get this done, and then go home and campaign on it.&#8221;
Trump implemented the &#8220;Liberation Day&#8221; tariffs by declaring a <a href="https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/" target="_blank" rel="noopener">national emergency</a> to combat what his administration says are unfair trade practices, protect American workers, and strengthen national security. While most countries received a 90-day reprieve, the United States <a href="https://www.dailywire.com/news/trump-issues-90-day-pause-on-most-tariffs-raises-chinas-to-125" target="_blank" rel="noopener">increased</a> the overall tariff level on China to 145%. Beijing responded by <a href="https://www.cnbc.com/2025/04/11/china-strikes-back-with-125percent-tariffs-on-us-goods-starting-april-12.html" target="_blank" rel="noopener">raising</a> tariffs on U.S. goods to 125%.
Bessent would not say during the briefing whether Trump administration officials have been talking with their counterparts from China about tariffs, but he did <a href="https://grabien.com/story?id=525096" target="_blank" rel="noopener">express</a> the view that, &#8220;over time, we will see that the Chinese tariffs are unsustainable for China.&#8221;

Sorry, China: Bessent Says Deal With Massive Trade Partner ‘Very Close’

India

Japan

South Korea

On Sunday, Treasury Secretary Scott Bessent revealed that he interacted with his Chinese counterpart this past week, a contact that comes as the United States and China are engaged in a trade war.
Beijing has denied there were trade talks with the United States, but President Donald Trump <a href="https://www.cnbc.com/2025/04/24/china-says-no-talks-with-the-us-on-trade-calls-for-canceling-unilateral-tariffs.html" target="_blank" rel="noopener">insisted</a> to reporters that there were meetings with China.
On ABC&#8217;s &#8220;This Week,&#8221; Bessent told anchor Martha Raddatz, &#8220;This was IMF World Bank week in D.C., as you know, and I had interaction with my Chinese counterpart, but it was more on traditional things like financial stability, global economic early warnings.&#8221;
The United States has <a href="https://www.dailywire.com/news/trump-issues-90-day-pause-on-most-tariffs-raises-chinas-to-125" target="_blank" rel="noopener">increased</a> tariffs on China to 145% in bid to stop what the Trump administration says are unfair trade practices. China responded by <a href="https://www.cnbc.com/2025/04/11/china-strikes-back-with-125percent-tariffs-on-us-goods-starting-april-12.html" target="_blank" rel="noopener">raising</a> tariffs on U.S. goods to 125%.
Trump indicated last week that tensions could be easing, <a href="https://www.dailywire.com/news/trump-says-tariff-on-china-will-drop-substantially-after-bessent-warns-against-trade-war" target="_blank" rel="noopener">saying</a> the tariffs against China come down &#8220;substantially&#8221; — but not to &#8220;zero.&#8221; He also said that he has spoken <a href="https://www.foxnews.com/politics/trump-says-chinas-xi-called-him-amid-ongoing-confusion-over-trade-talks" target="_blank" rel="noopener">&#8220;many times&#8221;</a> with Chinese President Xi Jinping, although he did not clarify if those discussions happened after escalating tariffs.
Bessent said he was unaware of any conversations, although he stressed that he knows there is a &#8220;very good relationship&#8221; and &#8220;a lot of respect&#8221; between the two world leaders, and emphasized that he believes &#8220;the Chinese will see this high tariff level is unsustainable for their business.&#8221;
As companies that rely on Chinese imports feel the pinch, Bessent contended that Beijing&#8217;s &#8220;business model is predicated on cheap, subsidized goods to the U.S., and if there is a sudden stop in that, they will have a sudden stop in the economy, so they will negotiate.&#8221;
Raddatz pressed Bessent to provide a timeline for when a comprehensive deal could be reached, noting how Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-04-22/bessent-sees-de-escalation-with-china-situation-unsustainable" target="_blank" rel="noopener">reported</a> that the Treasury secretary told an investor summit that it could take two to three years.
Bessent said the first priority will be &#8220;de-escalation,&#8221; followed by reaching an &#8220;agreement in principle&#8221; with China and other important trade partners who have seen the &#8220;Liberation Tariffs&#8221; slapped against them reduced to a 10% base rate during a 90-day pause.
&#8220;A trade deal can take months, but an agreement in principle and the good behavior and staying within the parameter of the deal by our trading partners can keep the tariffs there from ratcheting back to the maximum level, sure,&#8221; Bessent said.

Treasury Secretary Reveals ‘Interaction’ With Chinese Counterpart Amid Trade War

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