U.S. Treasury Secretary Scott Bessent rules out Chinese investments in the country as part of any trade pact just a day after Washington and Beijing agreed to extend a pause on higher tariffs.
00:00In other news, U.S. Treasury Secretary Scott Besson has ruled out Chinese investments in the country as part of any trade pact.
00:08As Washington and Beijing has agreed to extend a pause on higher tariffs, this could possibly curtail options for resolving the ongoing trade dispute.
00:19In an interview with Fox News, Besson was asked if China could make billion-dollar pledges like Japan, South Korea and the EU, to which he replied no.
00:30Besson stated that funds from buyouts would be directed towards critical industries needing to be reshored, specifically away from China.
00:38He cited sectors like semiconductors, rare earth magnets, pharmaceuticals and steel where Chinese investment is not anticipated.
00:47Besson also said he will meet Chinese counterparts in the next two to three months after both sides extended their truce for 90 days, stabilizing trade ties while talks continue.
00:58He also stressed that Washington needed long-term action from Beijing to curb chemicals used in fentanyl production before easing duties.
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