Big news is breaking on the trade front with China that could keep more dollars in American pockets.
Treasury Secretary Scott Bessent dropped a bombshell on CBS’s “Face the Nation” on Sunday, revealing that President Trump’s previously threatened 100% tariff hike on China is now considered “effectively off the table” after intense negotiations, as Breitbart reports.
This saga kicked off with President Trump’s bold threat to slap an additional 100% tariff on Chinese goods, which would have jacked up the total rate to a staggering 155%, set to start on November 1. While some might cheer such a hardline stance to protect American jobs, others worried it could spike prices on everything from gadgets to groceries. Let’s face it—nobody wants to pay double for their holiday shopping.
Enter Scott Bessent, speaking from Kuala Lumpur, Malaysia, where he’s been traveling alongside President Trump and hammering out talks with Chinese officials. These weren’t just casual chats over tea; they spanned two grueling days of back-and-forth.
Bessent didn’t shy away from optimism, hinting at a potential truce that could cool tensions between the two economic giants. It’s a refreshing change from the usual saber-rattling that often leaves markets jittery. Could this be a rare win for diplomacy over brinkmanship?
During the CBS interview, Bessent shared, “Margaret, I think we had a very good two day meeting.” Well, that’s a polite way to say they might have dodged a trade war bullet, but let’s not pop the champagne just yet—there’s still a big meeting ahead.
He went on to elaborate, “I would believe that the- so it would be an extra 100% from where we are now, and I believe that that is effectively off the table.” (CBS’s “Face the Nation”) That’s a hefty sigh of relief for businesses bracing for a cost explosion, though skeptics might wonder if this is just a temporary reprieve to avoid bad press.
Not only has the tariff threat seemingly vanished, but Bessent also suggested the danger of China launching a worldwide export control regime has been sidestepped for now. It’s a double dose of good news for those of us who’d rather not see global supply chains grind to a halt.
Still, Bessent was careful not to overstep, noting that the final word rests with the leaders themselves. Progressive pundits might scoff at this as mere posturing, but in a world of constant overreach, isn’t it nice to see some restraint?
The next chapter unfolds on Thursday, when President Trump and his Chinese counterpart are slated to meet in Korea. This face-to-face could seal the deal—or unravel the progress if egos clash.
For now, Bessent’s negotiations seem to have laid a solid foundation, and his description of the talks as “very good” offers a glimmer of hope. While the left might grumble about Trump backing off his tough-guy stance, conservatives can appreciate a strategic pivot that avoids economic collateral damage.
Let’s not forget why this matters: tariffs at 155% could have been a gut punch to American consumers already squeezed by inflation. Protecting our industries is crucial, but so is ensuring families aren’t priced out of the market.
This development aligns with a pragmatic conservative approach—standing firm against unfair trade practices without burning bridges that could cost jobs and raise prices. It’s a tightrope walk, but one worth watching as the Korea meeting nears.
As this story unfolds, it’s clear that Bessent and Trump are playing a long game, not just swinging wildly at every perceived slight from China. Critics on the far left might call this a retreat, but most Americans likely see it as a smart dodge of an unnecessary economic skirmish.
So, while the tariff threat fades and the specter of export controls eases, Thursday’s meeting in Korea will be the true test of whether this truce holds. Until then, let’s hope for more deals and fewer disasters—because in today’s economy, we could all use a break from the drama.
