Treasury Secretary Scott Bessent Discusses Economic Issues on “Face the Nation”

Treasury Secretary Scott Bessent addressed several economic issues during an appearance on “Face the Nation” with Margaret Brennan on October 26, 2025, while accompanying President Trump in Kuala Lumpur, Malaysia.

Treasury Secretary Scott Bessent Discusses Economic Issues on “Face the Nation”

Bessent revealed progress in negotiations with China, mentioning a potential truce regarding tariffs. Initially, President Trump threatened a 155% tariff on Chinese imports, effective November 1, but Bessent indicated that a revised 100% additional tariff is likely off the table.

Negotiations with China

• Recent Meetings: Secretary Bessent described a successful two-day meeting with China’s Vice Premier He Lifeng.
• Key Issues Discussed: Topics included rare earth magnets, trade arrangements, and Chinese cooperation on the fentanyl crisis.
• Agricultural Trade: Substantial purchases of American agricultural products were part of the discussions, particularly concerning soybean trade.

Bessent reassured that American soybean farmers would benefit from the upcoming agreements, especially after being adversely affected by previous boycotts. He emphasized that the U.S. government is providing $3 billion in financial aid to support these farmers.

Impact of Trade Policies

Discussion arose regarding the $20 billion lifeline extended to Argentina, a measure questioned for its impact on U.S. farmers. Bessent countered concerns, asserting that the Exchange Stabilization Fund has consistently remained profitable.

In his comments, Bessent addressed the issue of TikTok, stating that a deal has been reached concerning its algorithm, which is a significant aspect of U.S.-China negotiations.

Inflation and Domestic Economy

On the topic of inflation, Bessent conveyed optimism, noting a reduction in core inflation rates, which decreased to 0.2%. He acknowledged price increases in various consumer goods, but anticipated overall cooling in inflation in the near future.

Geopolitical Context

Bessent discussed recent sanctions on top Russian oil and gas companies, refuting claims from Russian envoys that these sanctions would have no significant impact. He stated that reductions in Russian oil purchases from countries like India are already evident.

Overall, the interview highlighted the complexities of U.S. economic policies, focusing on international trade negotiations with China, the climate of domestic inflation, and the geopolitical ramifications of trade restrictions on Russia.