US Treasury Secretary Scott Bessent said the current tariff level on China is “obviously a floor,” with a process in place to avoid further escalation as he discusses the US and China temporarily lowering tariffs on each other’s products. Bessent also addressed the potential for talks between Presidents Donald Trump and Xi Jinping and offered an update on Asia trade negotiations and his outlook for the tax bill and deregulation by the end of the year. He spoke on “Bloomberg Surveillance.”

00:00 Secretary Bessent
00:30 Bessent on talks with China
00:50 Bessent says neither side wants a decoupling
02:00 Bessent - this is a pause down to 10%
02:56 Bessent, this is a floor for tariffs
05:30 Bessent: we are focused on fair trade
07:19 Bessent: we need a fair deal for the American people
09:00 Bessent: this is a 90 day pause
10:00 Bessent on the fentanyl crisis
12:30 Bessent on future trade negotiations

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