Bessent Says China Tariff Truce Could Be Extended

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00:00As the President has said, we want to help China, not hurt it.

00:06If some in the Chinese government want to slow down the global economy through disappointing

00:10actions and through economic coercion, the Chinese economy will be hurt the most.

00:16And make no mistake, this is China versus the world.

00:21They have put these unacceptable export controls on the entire world.

00:27China is a command and control economy, and we and our allies will neither be commanded

00:34nor controlled.

00:36They are a state economy, and we are not going to let a group of bureaucrats in Beijing try

00:44to manage the global supply chains.

00:48As Ambassador Greer said, we had a document and an agreement in Geneva, and magnets were

00:54flowing quite well.

00:57Some U.S. auto companies have called us in the past week and said there had been a slowdown

01:04in magnets.

01:05So, when we asked the Chinese about this, they said, oh, it probably had something to do with

01:10the holiday.

01:11It had something to do with the holiday.

01:13So they can't be trusted with the global supply chain.

01:17It had something to do with the holiday.

01:20Moreover, this should be a clear sign to our allies that we must work together, and work

01:28together we will.

01:30There will be a series of meetings this week during World Bank IMF week, and we are all

01:36aligned.

01:37It's not only with that.

01:38Not only is China fueling Russia's war, but China's actions have once again demonstrated

01:43the risk of being dependent on them, on rare earths, and for that matter, anything.

01:48Right now, we are currently in a 90-day roll on the tariffs.

01:54So is it possible that we could go to a longer roll in return for a delay?

02:01Perhaps. But all that's going to be negotiated in the coming weeks before the leaders meet in Korea.