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>
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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

Donald Trump

Russia

Scott Bessent

Ukraine

Ukraine-Russia War

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;

Treasury Secretary Scott Bessent

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

China

Executive

Global Politics

India

Japan

South Korea

Tariffs

Trade War

World

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

U.S.

Treasury Secretary Scott Bessent said on Wednesday that the United States is focused on developing deeper trade relationships with nations around the globe as the Trump administration seeks to bring countries to the negotiating table through tariffs.
Bessent spoke at the International Monetary Fund (IMF) and World Bank meetings in Washington, D.C., on Wednesday morning, addressing President Donald Trump&#8217;s global trade strategy. The meetings come a day after Bessent said in a closed-door meeting that a prolonged trade war against China is <a href="https://www.dailywire.com/news/trump-says-tariff-on-china-will-drop-substantially-after-bessent-warns-against-trade-war?topStoryPosition=undefined&amp;author=Zach+Jewell&amp;category=News&amp;elementPosition=1&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=Trump+Says+Tariff+On+China+Will+Drop+%E2%80%98Substantially%E2%80%99+After+Bessent+Warns+Against+Trade+War" target="_blank" rel="noopener">unsustainable</a>.
&#8220;I wish to be clear: &#8216;America First&#8217; does not mean America alone,&#8221; Bessent said. &#8220;To the contrary, it is a call for deeper collaboration and mutual respect among trade partners. Far from stepping back, &#8216;America First&#8217; seeks to expand U.S. leadership and international institutions like the IMF and the World Bank. By embracing a stronger leadership role, &#8216;America First&#8217; seeks to restore fairness to the international economic system.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a>: &quot;I wish to be clear: America first does not mean America alone. To the contrary, it is a call for deeper collaboration and mutual respect among trade partners.&quot; <a href="https://t.co/Nes9sPK993">pic.twitter.com/Nes9sPK993</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1915046107115352346?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Trump administration officials said that more than 100 countries are ready to negotiate with the United States on trade, and the president&#8217;s trade team is set to meet with 34 nations this week. China, however, remains a major hurdle for the administration&#8217;s trade agenda as Trump and his team still seek to bring China to the table to work out a deal. After Bessent warned against a trade war with China on Tuesday, Trump told reporters that the 145% tariff on Chinese goods would drop.
“It will come down substantially, but it won’t be zero,” Trump added.
Stocks rose on Tuesday following Bessent&#8217;s remarks and continue to climb on Wednesday morning. Bessent also addressed trade with China during his speech at the IMF and World Bank conference, saying the country &#8220;needs to change&#8221; its strategy.
&#8220;China, in particular, is in need of a rebalancing,&#8221; Bessent said. &#8220;Recent data shows the Chinese economy tilting even further away from consumption toward manufacturing. China&#8217;s economic system, with growth driven by manufacturing exports, will continue to create even more serious imbalances with its trading partners if the status quo is allowed to continue.&#8221;
&#8220;China&#8217;s current economic model is built on exporting its way out of its economic troubles. It&#8217;s an unsustainable model that is not only harming China, but the entire world,&#8221; he added. &#8220;China needs to change. The country knows it needs to change.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a>: &quot;China, in particular, is in need of a rebalancing&#8230; China&#39;s current economic model is built on exporting its way out of its economic troubles. It&#39;s an unsustainable model that is not only harming China, but the entire world. China needs to change.&quot; <a href="https://t.co/uKcUkhc22r">pic.twitter.com/uKcUkhc22r</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1915046948484288659?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote>
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‘America First Does Not Mean America Alone’: Bessent Calls For ‘Deeper’ Trade Relationships

America First

Economy

Politics

Trump Administration

Washington D.C.

President Donald Trump said on Tuesday that the 145% tariff on China won&#8217;t stay that high, signaling a potential easing of tensions after Treasury Secretary Scott Bessent warned against a prolonged trade war with the communist country.
During a press conference at the White House, Trump acknowledged that the 145% tax on Chinese imports &#8220;is very high,&#8221; adding, &#8220;It won&#8217;t be anywhere near that high.&#8221; The president did not say when the tariff rate could drop or if he is waiting for China to agree to any deal in return for a lower tariff.
&#8220;It will come down substantially, but it won&#8217;t be zero,&#8221; Trump added.
Trump&#8217;s comments come after Bessent told investors in a closed-door summit on Tuesday that a trade war against China is unsustainable, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-04-22/bessent-sees-de-escalation-with-china-situation-unsustainable?taid=6807bf63c416140001c5dc10&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter" target="_blank" rel="noopener">reported</a>. Bessent reportedly added that he is hopeful the tension between the United States and China will ease in the coming months as the two countries seek to work out a deal. He urged those in attendance to remain patient as a comprehensive deal with China could still take two to three years.
The Trump administration landed on a 145% tariff on Chinese imports after multiple rounds of retaliatory moves between the two countries, and includes a 20% tariff that Trump placed on China in February, citing its role in fentanyl trafficking. China has hit back at the United States with a 125% tariff on U.S. goods.
Stocks and the U.S. dollar jumped following Bessent&#8217;s remarks. Asked about the Treasury Secretary&#8217;s comments, Trump acknowledged that the stock market was up, but did not say if he agreed with Bessent that the trade war with China is unsustainable, according to the <a href="https://apnews.com/article/tariffs-trade-taxes-trump-china-bessent-treasury-66668fa26957ece530a250fa8ea19faa" target="_blank" rel="noopener">Associated Press</a>.
“We’re going to be very nice,” Trump added. “They’re going to be very nice, and we’ll see what happens. But ultimately, they have to make a deal, because otherwise they’re not going to be able to deal in the United States.”
White House Press Secretary Karoline Leavitt said on Tuesday that <a href="https://www.dailywire.com/news/moving-at-trump-speed-white-house-touts-18-trade-proposals-so-far?author=Daniel+Chaitin&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=%E2%80%98Moving+At+Trump+Speed%E2%80%99%3A+White+House+Touts+18+Trade+Proposals+So+Far" target="_blank" rel="noopener">18 countries</a> have submitted trade proposals to the president following Trump&#8217;s &#8220;Liberation Day&#8221; tariffs, which affected nearly every country in the world. This week alone, Trump&#8217;s trade team — which includes Bessent and Commerce Secretary Howard Lutnick — has meetings with 34 countries, according to Leavitt.
On Monday, China <a href="https://www.dailywire.com/news/china-vows-to-punish-countries-that-agree-to-trump-trade-deals?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=China+Vows+To+Punish+Countries+That+Agree+To+Trump+Trade+Deals" target="_blank" rel="noopener">warned</a> that it would punish countries that agree to trade deals with the Trump administration, saying the United States “has abused tariffs on all its trading partners under the banner of so-called ‘reciprocity,’ while at the same time forcing all parties to start so-called ‘reciprocal tariff negotiations’ with it.”

Trump White House

Trump Says Tariff On China Will Drop ‘Substantially’ After Bessent Warns Against Trade War

The Trump administration on Tuesday announced new sanctions against two Iranian petroleum magnates who use their business to funnel revenue to the Iranian regime — one of whom was caught last year attempting to export cargo to China from off the coast of Houston.
Petroleum magnate, Seyed Asadoollah Emamjomeh, his son Meisam Emamjomeh, and his corporate network — now sanctioned by the Trump administration — are responsible for shipping hundreds of millions of dollars worth of liquified petroleum gas (LPG) to foreign markets, <a href="https://home.treasury.gov/news/press-releases/sb0093">according</a> to the Treasury Department. LPG is a large source of revenue for the Iranian regime, which funds regional terrorist proxy groups including Hezbollah, the Houthis, and Hamas.
The sanctions come as the Trump administration <a href="https://www.dailywire.com/news/heres-what-you-need-to-know-about-saturdays-nuclear-talks-between-the-u-s-and-iran?author=Kassy+Akiva&amp;category=News&amp;elementPosition=1&amp;row=0&amp;rowType=Vertical+List&amp;title=Here%E2%80%99s+What+You+Need+To+Know+About+Saturday%E2%80%99s+Nuclear+Talks+Between+The+U.S.+And+Iran" target="_blank" rel="noopener">attempts to negotiate</a> a nuclear deal with the Iranian regime while also keeping up its maximum pressure campaign. The sanctions were announced by the Treasury’s Office of Foreign Assets Control (OFAC) and are in line with Executive Order 13902, which targets those operating in certain sectors of the Iranian economy.
“Emamjomeh and his network sought to export thousands of shipments of LPG—including from the United States—to evade U.S. sanctions and generate revenue for Iran,” Treasury Secretary Scott Bessent said in a statement. “The United States remains committed to holding accountable those who seek to provide the Iranian regime with the funding it needs to further its destabilizing activities in the region and around the world.”
Under the sanctions, &#8220;all property and interests in property of the designated persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC,&#8221; according to the Treasury Department. All transactions by American citizens or within the United States that involve any property or interests in property of designees are prohibited. Violations may result in civil and criminal penalties, according to OFAC.
OFAC added that its power comes from its ability to both add and remove people to a sanction list, stating that “the ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.”
Emamjomeh, who is based in Iran, and Meisam, a UAE-based British-Iranian, have owned and operated an LPG sales, transportation, and delivery network through multiple companies in Iran and the UAE for over a decade, according to the Treasury Department.
TINOS I, a large gas carrier vessel in the network, attempted to load LPG off the coast of Houston, Texas, to sell to China in June 2024, according to Lloyd’s List, which <a href="https://www.lloydslist.com/LL1153240/EXCLUSIVE-How-an-LPG-tankers-maiden-voyage-ended-with-the-US-sanctioning-a-sprawling-Iranian-gas-network" target="_blank" rel="noopener">took credit for alerting</a> American authorities about the ship when it was en route to Houston.
According to the maritime news outlet, TINOS I, built in 2024, was on its maiden voyage before sitting at anchor following Lloyd’s list asking authorities for comment. Pearl Petrochemical told Lloyd’s List that it received a license from OFAC but did not specify if it was permitted to lift cargoes in the United States.
Until October 2024, Emamjomeh owned UAE-based Pearl Petrochemical FZE, the beneficial owner of TINOS I, before ownership passed to Meisam.
&#8220;Emamjomeh also owns or controls nine additional LPG companies in Iran, including, reportedly, one company with a monopoly on the National Iranian Gas Company’s LPG deliveries,&#8221; the Treasury Department reported. &#8220;Meisam acts as director and chief executive officer (CEO) of United Kingdom-based Worldwide LPG Limited, while also serving on the board of directors of many of Emamjomeh’s Iran-based companies.&#8221;
One of Emamjomeh’s UAE-based companies, Caspian Petrochemical FZE, is &#8220;part of a network that has exported thousands of shipments of LPG from Iran to Pakistan and [has] conducted tens of millions of dollars in business on behalf of Persian Gulf Petrochemical Industry Commercial Co. (PGPICC).&#8221;
PGPICC has been designated by OFAC since July 2019 for being owned or controlled by Persian Gulf Petrochemical Industries Company (PGPIC), which was also designated on the same day for providing financial support to Khatam al-Anbiya, the engineering conglomerate of Iran’s Islamic Revolutionary Guard Corps (IRGC).
Emamjomeh’s designation is the consequence of his operating in the petroleum sector of the Iranian economy. The designation will extend to several of the companies he owns or controls, including Caspian Petrochemical FZE, Parsa Fidar Paydar Engineering and Technology Company, Nilgon Parsa Caspian Shipping Company, Arsa Gas Company, Pasar Gas Company, Petro Parsa Caspian Iranian Company, Pasar Gas Novin Trading Company, Parsa Salakh Qeshm Industrial Complex, Parsa Trabar Caspian International Transportation Company, and Parsa Trabar Persia International Transportation Company.
Meisam and his Pearl Petrochemical FZE and Worldwide LPG Limited are also being designated, according to the Treasury Department&#8217;s announcement, on similar grounds. The TINOS I will be identified “as property in which Pearl Petrochemical FZE has an interest.&#8221;

Iran To Meet Own Gasoline Needs After Persian Gulf Star Refinery Expansion

Trump Sanctions Iranian Petroleum Magnate Caught Trying To Move Oil From Texas

Iran

Iran Nuclear Deal

Oil and Gas

Sanctions

President Donald Trump will meet with Japan on Wednesday to negotiate over tariffs and American military support.
The meeting comes after Trump imposed reciprocal tariffs on countries worldwide, including a 24% tariff on Japanese goods. That tariff was later paused after Trump hit China with a 125% tariff and lowered reciprocal tariffs for all other countries across the board to 10% for 90 days to allow for negotiations.
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will attend Trump’s meeting with Japan.
“Japan is coming in today to negotiate Tariffs, the cost of military support, and ‘TRADE FAIRNESS.’ I will attend the meeting, along with Treasury &amp; Commerce Secretaries,” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114347128422370864" target="_blank" rel="noopener">posted</a> Wednesday on Truth Social. “Hopefully something can be worked out which is good (GREAT!) for Japan and the USA!”
Japan has also been impacted by a 25% tariff on auto imports imposed by Trump, which the country hopes to see ended. 
Economy Minister Ryosei Akazawa said that Japanese Prime Minister Shigeru Ishiba “has a strong desire to help the U.S. achieve its goals in a win-win way, through investments rather than tariffs,” <a href="https://www.wsj.com/economy/japan-economy-minister-urges-win-win-solutions-ahead-of-u-s-trade-talks-d5397df3?mod=e2twe" target="_blank" rel="noopener">according</a> to The Wall Street Journal. 
At the same time, Ishiba recently told Japan’s parliament that he doesn’t want to rush negotiations.  
&#8220;I&#8217;m not of the view that we should make big concessions for the sake of wrapping up negotiations quickly,&#8221; he <a href="https://www.newsweek.com/trump-says-cost-military-support-table-japan-talks-hell-attend-2060372" target="_blank" rel="noopener">said</a>. &#8220;In negotiating with the United States, we need to understand what&#8217;s behind Trump&#8217;s argument both in terms of the logic and the emotional elements behind his views.&#8221;
Trump has defended tariffs, saying it has brought in billions of dollars in revenue to the United States. 
“The United States is taking in RECORD NUMBERS in Tariffs, with the cost of almost all products going down, including gasoline, groceries, and just about everything else,” he <a href="https://truthsocial.com/@realDonaldTrump/posts/114345526663892197" target="_blank" rel="noopener">posted</a> on Truth Social Wednesday. “Likewise, INFLATION is down.”
National Economic Council Director Kevin Hassett <a href="https://www.dailywire.com/news/from-tariffs-to-talks-trump-adviser-reports-130-countries-now-seek-a-deal" target="_blank" rel="noopener">said</a> on Sunday that 130 nations have reached out to negotiate trade with Trump after the “Liberation Day” tariffs were announced. 
“If you come to the table and negotiate with us and treat us the same way we treat you, then we will get your rate really low,” he said. “So, right now, 130 countries, 130 countries have responded, and we’re negotiating with them, and they have got their rate down to 10%.”

TOPSHOT-US-JAPAN-POLITICS-DIPLOMACY-TRUMP

Trump To Discuss ‘Cost Of Military Support’ In High-Stakes Tariff Meeting With Japan

Howard Lutnick

The Trump administration’s Department of the Treasury announced new sanctions on Tuesday against four different cartel drug lords accused of peddling fentanyl into the United States.
Treasury Secretary Scott Bessent launched the sanctions against four different individuals associated with La Nueva Familia Michoacana (LNFM), a violent Mexican drug cartel that has smuggled illegal aliens and deadly drugs into the United States and is designated as a foreign terror organization.
“Today’s action underscores our commitment to intensify the pressure on violent drug cartels like LNFM, who continue to traffic deadly fentanyl and other drugs, smuggle illegal aliens over our Southwest border, and attack law enforcement,” Bessent <a href="https://home.treasury.gov/news/press-releases/sb0087">charged</a>. “The Trump Administration will continue to use all available tools to target the cartels and other violent organizations that attempt to exploit our communities and harm Americans.”
The sanctions freeze any and all property owned by these four individuals currently present in the United States and require financial institutions to immediately report them to the Office of Foreign Assets Control.
Their cartel, the Treasury Department pointed out, traffics people, fentanyl, heroin, cocaine, and methamphetamine into the United States and carries out kidnappings and murders in Mexico.
The sanctions specifically target four siblings, including the co-leaders of the cartel, Johnny and Jose Alfredo Hurtado Olascoaga. The State Department recently announced cash prizes of $5 million and $3 million, respectively, for information leading to the arrest or conviction of the two cartel leaders. The Treasury also hit two siblings of Johnny and Jose, Ubaldo Hurtado Olascoaga and Adita Hurtado Olascoaga, with sanctions.
“Ubaldo oversees sicarios, or hitmen, for LNFM and has illegally mined and extracted mercury and uranium for the organization,” the Treasury wrote, adding that “Adita has trafficked arms for her brothers from the United States into Mexico to use against rival cartels in Mexico” and has laundered drug proceeds for the foreign terror organization.
These sanctions come after the Treasury announced an earlier round of <a href="https://www.dailywire.com/news/trumps-treasury-dept-launches-sanctions-targeting-sinaloa-cartel?author=Spencer+Lindquist&amp;category=News&amp;elementPosition=14&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump%E2%80%99s+Treasury+Dept+Launches+Sanctions+Targeting+Sinaloa+Cartel">sanctions</a> against six people tied to the Sinaloa Cartel, another notorious criminal organization that is now designated as a foreign terror organization.

Trump and Bessent

Trump’s Treasury Sanctions Cartel Drug-Runners Behind Fentanyl Trafficking, Human Smuggling

Crime

Drug Cartels

Illegal Immigration

Immigration

Trump officials leading trade negotiations with countries around the world were bullish on the upcoming talks while updating President Donald Trump and his cabinet on Thursday afternoon.
Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer addressed the trade talks during the meeting as the administration says it is preparing to negotiate with more than 75 countries following Trump&#8217;s &#8220;90-day pause&#8221; on tariffs. While President Trump <a href="https://www.cnbc.com/2025/04/10/china-trump-tariffs-live-updates.html" target="_blank" rel="noopener">acknowledged</a> during the cabinet meeting that his aggressive tariff policy would result in &#8220;a transition cost and transition problems,&#8221; he added, &#8220;We think we’re in very good shape.&#8221;
Trump&#8217;s trade team agreed with his assessment, and Lutnick said he expects &#8220;historic deals&#8221; to be reached &#8220;one after the other.&#8221;
&#8220;We have so many countries to talk to. It&#8217;s incredible,&#8221; the Commerce Secretary added. &#8220;I&#8217;m not sure we could ever have enough time in the day to talk to all these countries because they want to talk and they want to talk now. They have come with offers that they never, ever, ever would&#8217;ve come with but for the moves that the president has made demanding that people treat the United States with respect.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
&quot;We have so many countries to talk to,&quot; says Secretary <a href="https://twitter.com/howardlutnick?ref_src=twsrc%5Etfw">@howardlutnick</a> on tariffs.
&quot;They have come with offers that they never, ever, ever would&#39;ve come with but for the moves that the president has made demanding that people treat the United States with respect.&quot; <a href="https://t.co/R6VNpKfnSo">pic.twitter.com/R6VNpKfnSo</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1910376855368327367?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote>
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Bessent said that negotiations will be led by the Treasury and Commerce Departments, along with the Office of the United States Trade Representative, and the trade team is currently &#8220;putting a process in place&#8221; to carry out the trade talks.
&#8220;As you said, you&#8217;re going to be a part of the negotiations too,&#8221; Bessent said to Trump. &#8220;Because I&#8217;ve had these countries call me up [saying], &#8216;Secretary Bessent, we&#8217;re happy you&#8217;re going to be negotiating.&#8217; Well, President Trump is going to be involved too, so bring your best deal.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a> provides updates on trade negotiations and the budget: &quot;I gave a speech yesterday to 1400 small and community bankers, and they were so happy to hear from your administration. And I told them, Wall Street&#39;s done great&#8230; but it&#39;s Main Street&#39;s turn now.&quot; <a href="https://t.co/qq2qEDzytr">pic.twitter.com/qq2qEDzytr</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1910381067531432172?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote>
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U.S. Trade Representative Greer argued that Trump&#8217;s &#8220;reordering of international trade&#8221; is a move that hasn&#8217;t happened &#8220;for 80 years.&#8221;
&#8220;You came into an emergency situation, where President Biden left us with a $1.2 trillion trade deficit. It&#8217;s the largest of any country in human history,&#8221; Greer said.
&#8220;There&#8217;s never been anything like what [Biden] left us,&#8221; Trump replied. &#8220;He left us a mess. His whole administration was a mess.&#8221;
Greer added that while Trump has imposed &#8220;a tariff on the world&#8221; to &#8220;protect American workers,&#8221; he has also focused on looking for negotiations with America&#8217;s trade partners.
&#8220;We&#8217;ve had countries come in over the past couple of weeks that represent more than half of global domestic GDP, more than half. That&#8217;s who&#8217;s coming in to talk to you and to your advisers about how to have reciprocal trade, how to have fair trade,&#8221; Greer said. &#8220;Wouldn&#8217;t have happened without you.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/USTradeRep?ref_src=twsrc%5Etfw">@USTradeRep</a> Ambassador Greer: &quot;Last week, you started a reordering of international trade, something that hasn&#39;t happened for 80 years — something that should&#39;ve happened decades ago&#8230; You came into an emergency situation, where President Biden left us with a $1.2T trade… <a href="https://t.co/kFtonBKy4Z">pic.twitter.com/kFtonBKy4Z</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1910383750845780405?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote>
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The White House is expected to meet with Japan and South Korea first, prioritizing America&#8217;s closest allies that did not retaliate after Trump imposed so-called reciprocal tariffs last week. White House National Economic Council Director Kevin Hassett said on Thursday that more than 15 countries already have “specific” <a href="https://www.dailywire.com/news/white-house-official-says-trump-already-received-specific-trade-offers-from-over-15-countries?topStoryPosition=undefined&amp;author=Zach+Jewell&amp;category=News&amp;elementPosition=1&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=White+House+Official+Says+Trump+Already+Received+%E2%80%98Specific%E2%80%99+Trade+Offers+From+Over+15+Countries" target="_blank" rel="noopener">trade deal offers</a> for Trump as they seek to avoid the president&#8217;s hefty tariffs.

Trump cabinet meeting

‘So Many Countries To Talk To’: Trump’s Trade Team Updates Cabinet On Tariff Negotiations

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Free Trade

The Chinese government said on Thursday that the communist country would not respond to &#8220;pressure, threats, and blackmail&#8221; and remains ready to fight a trade war &#8220;to the end&#8221; after President Donald Trump jacked up the tariff on China to 125%.
Trump remained hopeful on Wednesday that China would agree to negotiate a trade deal with the United States, telling reporters that China “wants to make a deal,” but “they’re proud people.” The Chinese Ministry of Commerce <a href="https://x.com/ChineseEmbinUS/status/1910296937460293963" target="_blank" rel="noopener">responded</a> to Trump&#8217;s increased tariff, posting on social media, &#8220;While #China remains open to #talks, any talks must be based on mutual respect and conducted on equal footing.&#8221;
&#8220;If the #US is bent on waging a trade war, China will #fight to the end,&#8221; the Ministry of Commerce added. &#8220;Pressure, threats, and blackmail are not the right way to deal with China. We hope that the two countries will meet each other halfway and work towards resolving differences through dialogue and consultation, guided by the principles of mutual respect, peaceful coexistence and win-win cooperation.&#8221;
While announcing he was dropping tariffs on most countries to 10% for 90 days, Trump hit Chinese goods with a higher tax, citing a &#8220;lack of respect that China has shown to the World’s Markets.&#8221; The increased tariff on China was in response to Chinese leaders retaliating against the tariffs Trump previously imposed. China hit back at the United States with an 84% tariff last week, accusing the Trump administration of attacking its &#8220;sovereignty, security and development interests.&#8221;
As the president rolled out his tariffs on nearly every country in the world last week, he warned against retaliation as Treasury Secretary Scott Bessent urged world leaders to come to the negotiating table. In a post on X Wednesday afternoon, the White House again stated, &#8220;DO NOT RETALIATE AND YOU WILL BE REWARDED.&#8221;
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DO NOT RETALIATE AND YOU WILL BE REWARDED
&mdash; The White House (@WhiteHouse) <a href="https://twitter.com/WhiteHouse/status/1910058352278708638?ref_src=twsrc%5Etfw">April 9, 2025</a></blockquote>
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In a press conference outside the White House after Trump&#8217;s announcement on Wednesday, Bessent <a href="https://x.com/RapidResponse47/status/1910028915881697701" target="_blank" rel="noopener">said</a> the move was Trump&#8217;s &#8220;strategy all along.&#8221;
&#8220;You might even say that he goaded China into a bad position,&#8221; Bessent added. &#8220;They responded, they have shown themselves to the world to be the bad actors.&#8221;
The more than 75 countries that the White House says are preparing to open trade negotiations with the United States were nations that did not retaliate &#8220;in any way, shape, or form against the United States,&#8221; according to Trump. But even the European Union, which voted earlier on Wednesday to retaliate with tariffs against the United States, benefited from Trump&#8217;s &#8220;90-day pause.&#8221; The E.U. then <a href="https://www.dailywire.com/news/eu-puts-retaliatory-actions-against-u-s-on-hold-after-trumps-tariff-pause?topStoryPosition=undefined&amp;author=Leif+Le+Mahieu&amp;category=News&amp;elementPosition=1&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=EU+Puts+Retaliatory+Actions+Against+U.S.+On+Hold+After+Trump%E2%80%99s+Tariff+Pause" target="_blank" rel="noopener">said</a> on Thursday that the bloc would also place a 90-day pause on retaliatory tariffs and is open to negotiations with the Trump administration.

China Doubles Down On Fighting Trade War ‘To The End,’ Says It Will Not Respond To ‘Threats’

Trump pauses most tariffs — and sends the market soaring! While the market recovers, the Trump administration says it&#8217;s time to focus on tax cuts for everyday Americans. Will China hold out in its tariff war with Trump? We spoke to a supply chain expert about Beijing’s next move.
It’s Thursday, April 10, and this is the news you need to know to start your day. If you’d rather listen to your news, today’s edition of the Morning Wire podcast can be heard below:
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<iframe style="width: 100%; max-width: 660px; overflow: hidden; border-radius: 10px;" src="https://embed.podcasts.apple.com/us/podcast/stocks-soar-as-trump-pauses-tariffs-4-10-25/id1576594336?i=1000702983065" height="175" frameborder="0" sandbox="allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation"></iframe>
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<h2>Trump Pauses Tariff Hike, Stock Market Skyrockets</h2>
<div id="attachment_905807" style="width: 874px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-905807" class="size-large wp-image-905807" src="https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-864x576.jpg" alt="" width="864" height="576" srcset="https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-864x576.jpg 864w, https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-300x200.jpg 300w, https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-768x512.jpg 768w, https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-1536x1025.jpg 1536w, https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-2048x1366.jpg 2048w, https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-1800x1200.jpg 1800w, https://dw-wp-production.imgix.net/2025/04/Stock-Market-Surge-1200x800.jpg 1200w" sizes="(max-width: 864px) 100vw, 864px" />(Photo by Michael Nagle/Bloomberg via Getty Images)</div>
Topline: In a stunning development Wednesday, President Trump paused virtually all global tariffs, with the exception of China.
One week ago, the president enacted the largest tariffs in a century, and then on Wednesday, with a single social media post, he put nearly all of them on pause. Trump announced in a Truth Social post that effective immediately, there would be a 90-day pause on almost all tariffs — in the meantime, a flat 10% rate will go into effect.
Within five minutes of the announcement, trillions of dollars in value had been added to the markets. By the time markets closed, the Dow was up more than 2900 points – nearly 8%, and the S&amp;P skyrocketed almost 10% – that’s the largest one-day gain since 2008. The NASDAQ saw its biggest daily gain in nearly a quarter century, surging 12%. All told, the broad market index on Wall Street saw its third-largest gain since World War II.
However: While the vast majority of U.S. trading partners held off on retaliatory tariffs and sought a deal, China raised rates to 34% and then 84%. That seemed to outrage the president, who <a href="https://truthsocial.com/@realDonaldTrump/posts/114309144289505174">said</a>, “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately.” 
Last year, the U.S. imported <a href="https://www.census.gov/foreign-trade/balance/c5700.html">$440 billion</a> of goods from China – American exports to China are only about a third of that figure, at around $144 billion.
“What China is doing will affect their economy much more than it will ours,” Treasury Secretary Scott Bessent <a href="https://x.com/charliekirk11/status/1910031569919828230">said</a> on Wednesday. “This was [the president’s] strategy all along. You might even say he goaded China into a bad position. They responded. They have shown themselves to the world to be bad actors.&#8221;
Bessent went on to specifically note that Vietnam, India, South Korea, and Japan were all at the front of the line for negotiations –- those are all China’s biggest competitors in Asia. The move has led some analysis to conclude that the White House is sending a message to Beijing: make a deal now, or the US and the rest of the world will send their business elsewhere.
<h2>Trump’s Push For The “Big, Beautiful Bill”</h2>
<div id="attachment_905809" style="width: 874px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-905809" class="size-large wp-image-905809" src="https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-864x576.jpg" alt="" width="864" height="576" srcset="https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-864x576.jpg 864w, https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-300x200.jpg 300w, https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-768x512.jpg 768w, https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-1536x1024.jpg 1536w, https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-2048x1366.jpg 2048w, https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-1800x1200.jpg 1800w, https://dw-wp-production.imgix.net/2025/04/Trump-hugs-flag-1200x800.jpg 1200w" sizes="(max-width: 864px) 100vw, 864px" />(Photo by Tom Brenner for The Washington Post via Getty Images)</div>
Topline: Amid the tariff fallout, the White House is working to make its economic case to Main Street Americans.
President Trump spoke about his plan to extend his 2017 tax cuts at the National Republican Congressional Committee dinner on Monday, urging Republicans to vote for a budget proposal he’s calling the “big, beautiful bill.” In addition to tax cuts, it would raise the debt ceiling and allocate more money for the Trump administration’s deportation efforts. Republicans are reportedly hoping to pass the bill by Memorial Day. House Speaker Mike Johnson canceled a planned vote on the Senate-approved budget blueprint on Wednesday night after a &#8220;subset&#8221; would not support it.
“For too long, financial policy has served large financial institutions at the expense of smaller ones. No more,” Secretary Bessent said in a speech to the American Bankers Association on Wednesday, outlining some of the president’s agenda. “This administration aims to give all banks the chance to succeed, whether it&#8217;s JP Morgan or your local mortgage and loan. It aims to get capital to Americans who need it by getting bureaucracy out of the way&#8230; It&#8217;s Main Street&#8217;s turn to hire workers. It&#8217;s Main Street&#8217;s turn to drive investment. And it&#8217;s Main Street&#8217;s turn to restore the American dream.”
In addition to this broader populist economic message, Bessent took the opportunity to address the health of the American economy and other campaign promises made by President Trump. “Our fiscal situation is a 350-pound, two-pack-a-day smoker on the ICU table, and he or she is not going to get off that table and run the Iron Man. We can&#8217;t [eliminate deficit spending] all at once, or that will cause a recession. What will keep us from having a recession is making sure that the tax bill doesn&#8217;t expire, adding back 100 percent depreciation and then adding some of President Trump&#8217;s agenda — no tax on tips, no tax on Social Security, no tax on overtime.”
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<h2>China Vs Trump</h2>
<div id="attachment_905811" style="width: 837px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-905811" class="size-large wp-image-905811" src="https://dw-wp-production.imgix.net/2025/04/US-China-Shipping-Containers-827x576.jpg" alt="" width="827" height="576" srcset="https://dw-wp-production.imgix.net/2025/04/US-China-Shipping-Containers-827x576.jpg 827w, https://dw-wp-production.imgix.net/2025/04/US-China-Shipping-Containers-300x209.jpg 300w, https://dw-wp-production.imgix.net/2025/04/US-China-Shipping-Containers-768x535.jpg 768w, https://dw-wp-production.imgix.net/2025/04/US-China-Shipping-Containers-1536x1070.jpg 1536w, https://dw-wp-production.imgix.net/2025/04/US-China-Shipping-Containers-2048x1426.jpg 2048w" sizes="(max-width: 827px) 100vw, 827px" />(Photo by Yaorusheng via Getty Images)</div>
Topline: Will China hold out in its tariff war with Trump? We talked to a supply chain expert about what Beijing might do next.
Morning Wire spoke to Jim Nelles, an expert supply chain consultant, about President Trump’s retaliatory tariffs toward China. Nelles just returned from a trip to China and has clients who do business with the communist nation – his assessment of their ability to weather an economic slugfest was rather grim.
“What people [in China] were saying off the record is that they&#8217;re extremely concerned with a tariff war with the United States,” Nells told Morning Wire.”Their manufacturing sector is not where it has been in the past. Some of the factories are running up between 40 and 60% capacity utilization, which is not good… a lot of my clients before Trump announced all the reciprocal tariffs, their Chinese suppliers were saying, “Hey, we&#8217;ll send you components to other places in Asia, and you can assemble the components there to avoid the Chinese tariff.” They&#8217;re doing everything they can to try to figure out how to get around these tariffs that are in place.”
Nelles also told Morning Wire that while he agrees that it was “a good time” for Trump to pressure China, he believes that the best outcome would be for “everyone [to] get rid of all the tariffs and all of the non-tariff trade restrictions, so that we can have what we all want, which is free and fair trade.”
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Markets Veer From Fear To Euphoria As Trump Backpedals On Trade

Morning Brief: Tariff Pause, Tax Cuts & An Escalating Trade War With China

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Speaking to bankers in Washington, D.C., on Wednesday, Treasury Secretary Scott Bessent said that President Donald Trump is focusing his policy &#8220;on Main Street,&#8221; adding that small businesses have been overlooked while &#8220;Wall Street has grown wealthier than ever before.&#8221;
Bessent made the <a href="https://www.c-span.org/program/public-affairs-event/treasury-secretary-bessent-remarks-at-bankers-association-summit/658349" target="_blank" rel="noopener">remarks</a> at the American Bankers Association Summit, discussing Trump&#8217;s economic policy and tariffs as global markets respond to the president&#8217;s tariff rollout. Following Trump&#8217;s &#8220;Liberation Day&#8221; tariffs announcement last Wednesday, U.S. stocks immediately dipped and have yet to recover as anxiety persists on Wall Street.
The treasury secretary began his speech by emphasizing the importance of Main Street over Wall Street, arguing that Trump &#8220;understands that national strength comes from the ground up, not from the top down, and this concept applies to good government just as it does to banking and capital coordination.&#8221;
&#8220;For too long, financial policy has served large financial institutions at the expense of smaller ones. No more,&#8221; Bessent said. &#8220;This administration aims to give all banks the chance to succeed, whether it&#8217;s JP Morgan or your local mortgage and loan.&#8221;
&#8220;For the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well,&#8221; he added. &#8220;But for the next four years, the Trump agenda is focused on Main Street. It&#8217;s Main Street&#8217;s turn to hire workers. It&#8217;s Main Street&#8217;s turn to drive investment. And it&#8217;s Main Street&#8217;s turn to restore the American dream.&#8221;
In a Q&amp;A session following his speech, Bessent addressed Trump&#8217;s tariffs and their effect on the stock market, acknowledging that &#8220;there is a little uncertainty,&#8221; but he added that corporate executives he&#8217;s talked to say &#8220;the economy is very solid.&#8221;
&#8220;We are in pretty good shape,&#8221; Bessent said.
As trade deals remain up in the air and China doubles down on retaliating with tariffs on American goods, Bessent said that he believes the Trump administration &#8220;can probably&#8221; strike deals with its allies around the world, &#8220;and then we can approach China as a group.&#8221;
&#8220;We&#8217;ve been overwhelmed with the response to come to D.C. and negotiate,&#8221; Bessent continued, adding, &#8220;I think we have about 70 negotiations lined up. I&#8217;m not planning on going anywhere for Easter.&#8221;

Scott Bessent Says Trump Is Prioritizing Main Street Over Wall Street In Speech To Bankers

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