Latest news with #TreasurySecretary
Bloomberg
20 hours ago
- Business
- Bloomberg
Bessent to Attend US-China Talks in Stockholm Next Week
Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks. 'That deal expires on August 12,' Bessent said on Fox Business of the latest trade truce between the world's two largest economies. 'I'm going to be in Stockholm on Monday and Tuesday with my Chinese counterparts and we'll be working out what is likely an extension then.'
Reuters
20 hours ago
- Business
- Reuters
Bessent says he will meet Chinese officials, discuss tariff deadline extension
WASHINGTON, July 22 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week and discuss what is likely to be an extension of an August 12 deadline for higher tariffs. Bessent told Fox Business that trade with China was in "a very good place" and the meetings in Stockholm would take place next Monday and Tuesday. "I think we've actually moved to a new level with China, where it's very constructive and very we're able - we're going to be able - to get a lot of things done now that trade has kind of settled in at a good level," Bessent said
Yahoo
a day ago
- Business
- Yahoo
Bessent Says Review of Fed's Building Renovations Is Needed
(Bloomberg) -- Treasury Secretary Scott Bessent said in a social media post Monday that there should be a review of the decision to renovate parts of the Federal Reserve headquarters in Washington. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom How San Jose's Mayor Is Working to Build an AI Capital 'While I have no knowledge or opinion on the legal basis for the massive building renovations being undertaken on Constitution Avenue, a review of the decision to undertake such a project by an institution reporting operating losses of more than $100 billion per year should be conducted,' Bessent said in a post on X, formerly known as Twitter. Bessent also said the Fed should conduct 'an exhaustive internal review of its non-monetary policy operations,' adding that 'significant mission creep and institutional growth have taken the Fed into areas that potentially jeopardize the independence of its core monetary policy mission.' 'The Fed does regular reviews of its monetary policy framework,' he said. 'I would urge Fed leadership to similarly undertake, publish and implement a comprehensive institutional review across its entire mission to buttress its credibility.' The Treasury chief also said, 'the Fed's conduct of monetary policy 'is a jewel box' that should be walled off to preserve its independence,' and that the Fed's independence 'is a cornerstone of continued US economic growth and stability.' The Fed and its leader, Chair Jerome Powell, have faced relentless criticism from the Trump administration for weeks, mostly over decisions to hold interest rates steady so far in 2025. Most Fed officials have said they are waiting to gauge the impact of tariffs on inflation before moving ahead with additional rate cuts — which they expect later this year. Bessent's post follows his earlier comments on CNBC in which he said the administration should 'examine the entire Federal Reserve institution and whether they have been successful.' Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
a day ago
- Business
- Bloomberg
Bessent Says Review of Fed's Building Renovations Is Needed
Treasury Secretary Scott Bessent said in a social media post Monday that there should be a review of the decision to renovate parts of the Federal Reserve headquarters in Washington. 'While I have no knowledge or opinion on the legal basis for the massive building renovations being undertaken on Constitution Avenue, a review of the decision to undertake such a project by an institution reporting operating losses of more than $100 billion per year should be conducted,' Bessent said in a post on X, formerly known as Twitter.
CNA
2 days ago
- Business
- CNA
US Treasury chief says China talks could cover Iran, Russia oil buys
WASHINGTON: The next round of US-China talks could include Chinese purchases of Russian and Iranian oil, US Treasury Secretary Scott Bessent said on Monday (Jul 21), a move that would shift the focus of trade negotiations into national security issues. US President Donald Trump has imposed fresh tariffs on allies and competitors alike this year, and Washington and Beijing in April rapidly hiked duties on each other's goods in a tit-for-tat escalation. But after high-level talks in Geneva and London, the world's two biggest economies temporarily lowered tariff levels until mid-August while discussions continued. "I think trade is in a good place," Bessent told CNBC in an interview. "And I think now we can start talking about other things." "The Chinese unfortunately, are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil. So we could start discussing that," he said. China's position as the main buyer of Iranian oil has served as a key lifeline for Tehran as its economy is battered by international sanctions. The world's second biggest economy is also a key purchaser of Russian energy. Bessent on Monday threatened US action against those who buy Russian oil, pointing to a strategy in which "any country who buys sanctioned Russian oil is going to be subject to up to 100 per cent secondary tariffs". This suggests that Washington might impose heavy duties on countries it finds to be buying such Russian energy exports. "I would urge our European allies, who have talked a big game, to follow us if we implement these secondary tariffs," Bessent said.
