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U.S. Treasury Secretary talks trade with House Ways and Means Committee

U.S. Treasury Secretary Scott Bessent didn’t share the details about the U.S. and China’s trade framework as he met with the House Ways and Means Committee Wednesday.

In his testimony, Bessent said China has a singular opportunity to stabilize its economy by shifting away from excess production towards greater consumption, but China needs to be a reliable partner in trade negotiations.

When lawmakers asked if China is a reliable trading partner, Bessent said “I think we will see.”

He said China met their purchase commitments under the phase one trade deal with the United States while President Trump was in office, but “President Biden didn’t enforce them and the Chinese delegation told me they didn’t believe they needed to adhere to them.”

It remains unclear about how ag is included in the U.S. and China trade framework.

He also told lawmakers the administration continues to seek fair trade as it meets with dozens of countries.

“As these countries come to us and I look at the list and I think how could this have happened? That the United States willingly became party to such unfair and unbalanced trade…and we are determined to rebalance that for the American people.”

Bessent will meet with the Senate Finance Committee on Thursday.