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الوسم: Scott Bessent

  • US Eases Syria Sanctions in Significant Policy Change

    US Eases Syria Sanctions in Significant Policy Change

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    U.S. Secretary of the Treasury Scott Bessent speaks with reporters before entering the White House in Washington, D.C., on March 13, 2025. — Reuters

    WASHINGTON: The United States announced on Friday the removal of extensive economic sanctions on Syria, representing a significant shift in policy following the downfall of Bashar al-Assad’s regime. This decision paves the way for new investments in the war-torn nation.

    Treasury Secretary Scott Bessent stated, “Syria must continue on the path toward peace and stability. Today’s actions aim to steer the country towards a bright, prosperous, and stable future.”

    This move formalizes a decision that President Donald Trump proclaimed last week.

    While on a tour of the Middle East, Trump made a surprising announcement regarding the removal of what he termed the “brutal and crippling” sanctions from Assad’s era, responding to requests from Turkey and Saudi Arabia.

    Under this sanctions relief, Syria’s new government must meet specific conditions, including refraining from providing safe havens for terrorist groups and ensuring the safety of religious and ethnic minorities, according to the Treasury.

    In parallel, the State Department issued a waiver allowing foreign partners and allies to engage in Syria’s reconstruction, thus permitting businesses to operate within the country.

    This authorization covers new investments, financial services, and transactions involving Syrian oil products. It also allows interactions with Syria’s new government and some previously restricted entities.

    The U.S. had previously enforced strict financial transaction limits on Syria throughout the country’s 14-year civil war, making it clear that sanctions would remain against anyone involved in reconstruction efforts as long as Assad was in power.

    Following the Islamist-led campaign that ousted Assad last year, Syria’s new administration is eager to rebuild its relations with Western countries and lift the harsh sanctions.

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  • US and China Strike Deal to Cut Trade Tariffs

    US and China Strike Deal to Cut Trade Tariffs

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    US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer at a press conference after discussions with China in Geneva, Switzerland, on May 12, 2025. — Reuters

    • Bessent announces a reduction in tariffs by over 100 percentage points to 10%.
    • Bessent emphasizes that both countries effectively represented their national interests.
    • The tariff dispute has caused nearly $600 billion in bilateral trade to come to a halt.

    GENEVA: On Monday, the United States and China reached an agreement to significantly reduce reciprocal tariffs while working to resolve a trade conflict that has shaken global markets and impacted economic forecasts.

    After conversations with Chinese representatives in Geneva, US Treasury Secretary Scott Bessent informed the media that both nations have consented to a 90-day suspension of recent trade measures, reducing tariffs by over 100 percentage points to 10%.

    “Both countries have done a commendable job of representing their national interests,” Bessent remarked. “We share a mutual interest in maintaining balanced trade, and the US will strive toward that goal.”

    Bessent spoke alongside US Trade Representative Jamieson Greer after discussions over the weekend, during which both parties noted progress in bridging their differences.

    These meetings mark the first direct engagement between senior economic officials from the US and China since US President Donald Trump assumed office and initiated an extensive tariff campaign, particularly targeting Chinese imports.

    Since January, Trump has increased tariffs on goods from China to 145%, in addition to the tariffs he applied during his first term and those imposed by the Biden administration.

    In response, China has enacted restrictions on exports of certain rare earth elements critical for US manufacturers in technology and defense sectors, while raising tariffs on American goods to 125%.

    This tariff contention has effectively frozen nearly $600 billion in bilateral trade, straining supply chains, heightening fears of stagflation, and leading to some layoffs.

    Financial markets have been keenly watching for signs of relief from the trade conflict. Following the latest discussions, Wall Street stock futures rose, and the dollar strengthened against safer currencies, as optimism grew about potentially avoiding a global recession.

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  • US, China Report ‘Significant Progress’ in Geneva Trade Talks

    US, China Report ‘Significant Progress’ in Geneva Trade Talks

    U.S.-China Trade Talks Show Signs of Progress

    GENEVA: During a series of discussions held over the weekend in Geneva, U.S. Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer announced notable advancements in efforts to relieve trade tensions between the United States and China, which have escalated due to President Donald Trump’s aggressive imposition of tariffs.

    The ongoing conflict between Washington and Beijing has destabilized financial markets and ignited concerns over a potential global economic downturn, alongside worries of rising inflation in the U.S.

    “We’ve made significant headway in these crucial trade negotiations,” Bessent informed reporters on Sunday as the discussions wrapped up. He opted not to take questions but assured a comprehensive briefing would be delivered on Monday regarding the outcomes.

    In an official statement released by the White House, a "new trade deal" with China was praised, though specifics were scant.

    Chinese Vice Premier He Lifeng echoed Bessent’s optimism, stating that the negotiations had resulted in "substantial progress" and described the atmosphere of the talks as "open, in-depth, and constructive." He remarked, “This represents an important first step,” indicating plans for a joint communique to be disseminated on Monday.

    Both delegations agreed to establish a joint communication mechanism focusing on “regular and irregular discussions regarding trade and commercial issues,” according to China’s international trade representative, Li Chenggang.

    When questioned about whether the communique would be available before financial markets opened, Li remarked, “If the results are satisfying, timing is secondary. Whenever it is released, it will be significant, positive news.”

    This weekend’s meetings were the first high-level face-to-face trade discussions since Trump imposed steep tariffs on China, with some reaching a staggering 145%. In retaliation, China responded with substantial tariffs on U.S. goods, hitting as high as 125%.

    “This significant progress could bode well for the future,” stated World Trade Organization head Ngozi Okonjo-Iweala after her own meeting with He Lifeng. She emphasized that this progress is vital not only for the U.S. and China but also for the global community, especially the most vulnerable economies.

    Optimism Amid Challenges

    Wendy Cutler, Vice President of the Asia Society Policy Institute, expressed encouragement after the more than 15 hours of discussions took place. She noted, “That’s a considerable amount of time for a meeting between two countries, which I interpret positively.”

    Before the talks, Trump hinted at a possible reduction in tariffs, suggesting on social media that “an 80% Tariff on China seems right!” However, White House Press Secretary Karoline Leavitt later clarified that any tariff reductions would not be unilateral; concessions from China would also be required.

    Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics, pointed out that while the fact that negotiations are occurring is a positive sign for businesses and markets, he remained skeptical about a return to normal trade relations, indicating that even a tariff of 70-80% could reduce bilateral trade significantly.

    Cutler highlighted, “The success of these discussions will depend on the specifics. The details are crucial to evaluating whether these talks were effective.”

    Looking Ahead

    Chinese Vice Premier He Lifeng entered the negotiations with optimism following positive news on Friday regarding China’s exports, which unexpectedly rose last month despite the ongoing trade conflict. Experts attribute this shift to a re-routing of trade flows through Southeast Asia to navigate U.S. tariffs.

    This meeting in Geneva followed Trump’s announcement of a trade agreement with Britain, marking the first deal made since the introduction of global tariffs. The non-binding five-page agreement reassured markets that Washington is willing to consider sector-specific relief from recent duties, although a 10% levy on most British goods remains in place.

    In a post on Truth Social, Trump declared that the talks had made “GREAT PROGRESS!!” He added, “For the benefit of both China and the U.S., we aspire to see increased opportunities for American businesses in China.”

  • US Officials Announce Trade Deal to Reduce China Deficit, Details Monday

    US Officials Announce Trade Deal to Reduce China Deficit, Details Monday

    US and China Reach Trade Agreement in Geneva


    Members of the Chinese delegation exit a residence where trade discussions with US officials took place in Geneva, Switzerland, on May 10, 2025. — Reuters

    • Geneva talks heralded as ‘significant advancement’.
    • USTR Greer refers to the outcome as ‘a deal we’ve made’.
    • Details on China talks to be revealed by Bessent and Greer on Monday.

    In a significant development, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced on Sunday that they have reached a deal with China to reduce the US trade deficit. They characterized the two days of negotiations in Geneva as yielding "substantial progress," although specific details were not shared, according to Reuters.

    Bessent informed reporters that the complete information will be disclosed on Monday, noting that President Donald Trump was fully briefed on the "productive discussions" with Chinese Vice Premier He Lifeng and two other Chinese vice ministers.

    However, Bessent and Greer did not address the possibility of lowering the hefty US tariffs of 145% on Chinese products, nor the 125% tariffs China imposes on US goods. They did not take questions from the media.

    Previously, the US Treasury chief has described these tariffs as being akin to a trade embargo between the two largest economies and emphasized the need for "de-escalation."

    Greer described the conclusion of the Geneva talks as "a deal we made with our Chinese counterparts," aiming to decrease the US trade deficit, which amounts to $1.2 trillion in global goods.

    "This was, as the Secretary noted, an incredibly constructive two days," Greer remarked. "It’s crucial to recognize how quickly we reached an agreement, indicating that perhaps the differences weren’t as vast as we previously believed." He commended Vice Premier He, along with Vice Commerce Minister Li Chenggang and Vice Finance Minister Liao Min, as "tough negotiators."

    This meeting marked the first in-person dialogue between senior economic officials from the US and China since Trump assumed office, during which he initiated a global tariff campaign by declaring a national emergency regarding the US fentanyl crisis, which included a 20% tariff on Chinese imports in February.

    Trump also introduced a 34% "reciprocal" tariff on Chinese goods in April, and the subsequent escalations pushed tariffs into triple digits, bringing nearly $600 billion in bilateral trade to a halt.

    China had previously demanded any discussions include a reduction in tariffs. On Friday, Trump suggested an 80% tariff on Chinese goods "seems appropriate," marking a notable reduction target proposal.

    Greer mentioned that substantial groundwork had been laid prior to the Geneva discussions over the weekend, suggesting the agreement would address the national emergency declared by Trump over increasing trade deficits.

    "We are confident that the arrangement we’ve established with our Chinese partners will aid us in addressing that national emergency," Greer stated. A press release from the White House reiterated Bessent’s and Greer’s comments but didn’t provide additional details, headlined: "US Announces China Trade Agreement in Geneva."

    Chinese officials were expected to brief the media in Geneva later that evening.

    ‘Very Eager’ to Engage

    Prior to this, White House economic advisor Kevin Hassett noted that the Chinese were "very, very eager" to engage in discussions and realign trade relations with the US. He also mentioned on Fox News’ Sunday Morning Futures program that more trade agreements with various countries might be forthcoming, following last week’s limited trade deal with the UK, which retained 10% US tariffs on many British products.

    Hassett said he received updates from US Commerce Secretary Howard Lutnick about two dozen pending agreements being developed with USTR Greer. "They all resemble the UK deal, but each one is unique," he added.

    Overnight, Trump conveyed a positive outlook on the talks, characterizing the exchanges as "a total reset… in a friendly, yet constructive, manner." He expressed a desire to see "an opening up of China to American business for the good of both nations," proclaiming "GREAT PROGRESS MADE!!!" on his Truth Social platform.

    Negotiation Venue

    The negotiating teams convened at a gated villa owned by Switzerland’s UN ambassador, located on the picturesque shores of Lake Geneva in the serene suburb of Cologny. The site was selected after Swiss officials engaged with both Chinese and American representatives during recent visits.

    The US aims to diminish its $295 billion goods trade deficit with China and to urge China to abandon what the US views as a protectionist economic strategy while encouraging it to enhance its contributions to global consumption—an adjustment that would demand sensitive domestic reforms.

    China’s state-run Xinhua News Agency criticized the US for its "reckless abuse of tariffs" that it claims has destabilized the global economic environment, yet acknowledged that the negotiations represented "a constructive and essential step to resolve disputes and avert further tension."

    With entrenched distrust on both sides, there was a mutual understanding to avoid appearing vulnerable, resulting in cautious expectations surrounding potential breakthroughs.

  • US, China Wrap Up First Day of Geneva Talks Post-Trump Tariffs

    US, China Wrap Up First Day of Geneva Talks Post-Trump Tariffs

    U.S. Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer participate in a meeting with Swiss officials in Geneva, May 9, 2025. — Reuters

    GENEVA: The United States and China concluded the first day of crucial trade negotiations in Geneva on Saturday. This was their first direct encounter since President Donald Trump imposed a new set of significant tariffs on Chinese imports.

    The private meetings took place at the residence of the Swiss ambassador and reflect both nations’ tentative willingness to ease one of the most intense trade disputes seen in recent years.

    U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng at the ambassador’s residence, which Chinese state media described as an “important step” toward reducing tensions.

    According to a source familiar with the talks, discussions are set to continue on Sunday.

    Currently, Trump’s tariffs on Chinese goods average 145%, with some items facing as high as 245%. China has retaliated with tariffs of 125% on American products, putting both nations on the brink of a near-total trade halt.

    On Friday, Trump suggested online that an “80% Tariff on China seems right!” However, his press secretary, Karoline Leavitt, later clarified that any potential reduction would hinge on concessions from China, indicating that both parties must contribute to any resolution.

    Commerce Secretary Howard Lutnick stated that Trump is willing to ease tensions but emphasized that any tariff reductions would not come without reciprocal actions from China. “The president is interested in finding a resolution with China,” he noted.

    ‘The relationship is not good’

    According to Bill Reinsch from the Center for Strategic and International Studies, “The relationship is not good. We are facing trade-restrictive tariffs in both directions.”

    Nonetheless, analysts view the meeting as a positive indication.

    Xu Bin, a professor at the China Europe International Business School, pointed out that the mere fact that the two sides are engaging in dialogue is significant. “China is the only nation that has responded in kind to Trump’s tariffs,” he mentioned.

    Bessent clarified that discussions would prioritize “de-escalation” rather than seeking a comprehensive trade agreement.

    In contrast, China is pushing for the U.S. to lift tariffs before making significant moves. A commentary from China’s Xinhua news agency cautioned that “trade wars and tariff conflicts yield no winners,” underscoring that both nations are facing economic repercussions.

    UK deal provides some optimism

    Just two days before the Geneva meetings, Trump finalized a separate agreement with the UK—his first trade pact since initiating global tariffs. This five-page deal offers specific concessions on British steel, aluminum, and automotive products in exchange for increased UK access to U.S. beef and agricultural goods.

    A baseline tariff of 10% remains on most UK imports, though Trump hinted that it could be waived “if someone did something exceptional for us.”

    Meanwhile, China’s latest export statistics revealed an unexpected rise, aided by a shift in trade towards Southeast Asian markets—potentially a sign that Beijing is seeking alternatives to circumvent U.S. tariffs.

    While it’s still early days, the Geneva discussions could signal the beginning of a thaw in relations. For now, both sides are exercising caution while navigating these complex negotiations.

  • US and Ukraine Finalize Historic Minerals Agreement After Delays

    US and Ukraine Finalize Historic Minerals Agreement After Delays

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    US Treasury Secretary Scott Bessent attends a cabinet meeting held by President Donald Trump at the White House in Washington, DC, on April 30, 2025. — Reuters

    Key Points

    • US Treasury Secretary announces a new agreement in Washington.
    • Highlights a mutual commitment to lasting peace in Ukraine.
    • Bessent emphasizes the Trump administration’s dedication to a liberated Ukraine.

    WASHINGTON: On Wednesday, the United States and Ukraine finalized a minerals agreement following a two-month delay. This deal marks what President Donald Trump’s administration describes as a renewed commitment from the US to Kyiv after the conclusion of military support.

    Ukraine achieved significant interests during extended negotiations, ensuring complete sovereignty over its rare earth minerals, which are crucial for emerging technologies and remain largely undeveloped.

    Initially, Trump sought access to Ukraine’s vast mineral wealth as a form of compensation for the extensive military aid provided under former President Joe Biden following Russia’s invasion, which escalated over three years ago.

    Despite initial reservations, Ukraine agreed to the minerals pact as a strategy to attract long-term US investments, aligning with Trump’s aim to reduce US security obligations globally.

    In a press conference in Washington, Treasury Secretary Scott Bessent stated that the agreement reflects "the commitment of both nations to enduring peace and prosperity in Ukraine."

    "This deal sends a clear message to Russia: the Trump administration is dedicated to a peace process focused on fostering a free, sovereign, and thriving Ukraine in the long term," Bessent remarked. He further stressed that "no state or individual that has financed or supported the Russian war effort will profit from Ukraine’s reconstruction."

    In Kyiv, Prime Minister Denys Shmygal expressed on national television that the agreement is "favorable, equitable, and beneficial." He announced that the two nations will create a Reconstruction Investment Fund, with each side holding 50% of the voting rights.

    "Ukraine will maintain complete control over its subsurface resources, infrastructure, and natural assets," he confirmed. Meeting a crucial condition for Kyiv, he added that Ukraine will not be required to repay any debt related to the billions of dollars in military aid received since Russia’s invasion began in February 2022.

    "The profits from this fund will be reinvested solely within Ukraine," he stated. Initially, Trump sought $500 billion in mineral resources, a figure that was approximately four times the total contribution by the US to Ukraine since the onset of the conflict.

    US Commitment Against "Bad Actors"

    While Trump has shown reluctance to provide security guarantees to Ukraine and has dismissed its efforts to join NATO, he asserted on Wednesday that a US presence on the ground would be advantageous for Ukraine.

    "I believe the American presence will deter many bad actors from entering the country, especially in the areas where we commence excavation," Trump commented during the cabinet meeting.

    Secretary of State Marco Rubio indicated on Tuesday that the Trump administration would withdraw from mediating the conflict—an endeavor Trump promised to conclude on his first day in office—unless both parties present "concrete proposals."

    Trump is advocating for a resolution that demands Ukraine cede certain territories currently held by Russia, which has rebuffed US-led requests for a minimum 30-day ceasefire.

    President Volodymyr Zelensky has unambiguously ruled out conceding Crimea to Russia, a region annexed in 2014, which is broadly rejected by the international community.

    Zelensky has, however, expressed willingness to support Trump’s diplomatic efforts after a rocky February 28 meeting at the White House, where Trump and Vice President JD Vance admonished him for not fully appreciating US aid.

    Zelensky was slated to sign the minerals agreement during the White House meeting but was abruptly dismissed after the contentious exchange.

    Estimates suggest that Ukraine possesses around 5% of the world’s mineral resources and rare earth elements, although much of this potential remains untapped, and several sites fall under Russian control.

    Significantly, Ukraine holds about 20% of the world’s graphite, a critical component for electric batteries, as reported by France’s Bureau of Geological and Mining Research. Additionally, Ukraine is a major producer of manganese and titanium and claims to have the largest lithium reserves in Europe.

    Russia currently controls approximately 20% of Ukraine’s territory following over three years of fierce conflict that has resulted in tens of thousands of deaths, including many civilians.

    In a surprising development last August, Ukraine executed an incursion into Russia’s Kursk region, which Moscow claimed to have thoroughly cleared over the weekend. On Wednesday, Russia reported that 288 civilians lost their lives during the Kursk assault.

  • US and Ukraine Reach Agreement on Strategic Minerals, No Signing Yet

    US and Ukraine Reach Agreement on Strategic Minerals, No Signing Yet

    US Treasury Secretary Scott Bessent. Reuters/File

    KYIV/WASHINGTON: Ukraine and the United States announced on Wednesday that they are poised to finalize a minerals agreement after months of complex negotiations. However, a last-minute obstacle has raised questions about the timing of the deal.

    “We are ready to sign. The Ukrainians decided to make a few last-minute adjustments last night,” US Treasury Secretary Scott Bessent told reporters at the White House.

    “We believe they will reconsider, and we are prepared to proceed if they are.”

    A Ukrainian official was en route to Washington for the signing, but sources indicated that the US is urging Ukraine to sign two additional documents, which Kyiv considers premature.

    Bessent asserted that the US had not attempted to modify the agreement reached over the weekend.

    This agreement aims to provide the United States with access to Ukraine’s mineral resources, playing a vital role in Kyiv’s strategy to strengthen ties with US President Donald Trump and his administration, as Trump seeks a peace resolution in the ongoing conflict with Russia.

    Two sources informed Reuters that the signing could still occur later on Wednesday. Earlier, Ukraine’s First Deputy Prime Minister Yulia Svyrydenko was confirmed to be traveling to the US to sign the agreement, as stated by the country’s prime minister.

    A draft of the main minerals agreement, reviewed by Reuters, indicated that Ukraine had successfully negotiated the elimination of a clause requiring repayment to the US for past military aid—something Ukraine had strongly opposed.

    Since Russia’s invasion in 2022, the US has been Ukraine’s largest military supporter, contributing over €64 billion ($72 billion) according to the Kiel Institute in Germany.

    Trump reiterated on Wednesday that the US should receive compensation for past assistance to Kyiv, which aligns with efforts to secure access to Ukraine’s abundant rare earth minerals.

    “I expect they will honor the deal. … We haven’t fully realized the benefits of that arrangement yet, but I suspect we will,” Trump remarked after a cabinet meeting on Wednesday.

    Ukrainian officials are optimistic that signing the deal championed by Trump will bolster American support for Kyiv amidst the ongoing war, now in its third year.

    The draft agreement would grant the US preferential access to new deals related to Ukraine’s natural resources, although it does not automatically provide Washington with a stake in Ukraine’s mineral wealth or its gas infrastructure.

    “This is indeed a strategic agreement … a truly equitable and beneficial international agreement for joint investments in Ukraine’s development and reconstruction,” Prime Minister Denys Shmyhal stated.

    The draft does not include specific security guarantees from the US, which was one of Ukraine’s initial ambitions. Separately, Ukraine has been discussing with European allies the establishment of an international force to ensure its security in light of a potential peace agreement with Russia.

    Joint Fund

    The minerals draft proposes the establishment of a joint reconstruction fund between the US and Ukraine, which would receive 50% of the profits and royalties generated from new natural resource permits granted to Ukraine.

    The draft does not specify how the revenue from the fund will be utilized, who will benefit, or who will control spending decisions.

    Shmyhal mentioned on television that once the primary agreement is signed, both parties will agree on two additional technical documents regarding details like fund administration.

    He affirmed that Ukraine would maintain full control over its resources under the agreement, with the fund aimed at investing in Ukraine’s growth over the next decade.

    “Ukraine will only contribute from new licenses and newly accrued royalties on mineral resources. This will constitute our contribution, 50% of which will go to this fund,” he explained.

    Shmyhal added that the US might count future military assistance to Ukraine as part of its contribution to the fund, excluding prior aid.

    The two nations signed a memorandum on April 18, marking the first step toward finalizing the minerals development agreement. The memo stated that both sides aimed to conclude their discussions by April 26 and finalize the agreement as soon as possible.

    Trump and his administration have warned this month about potentially abandoning peace efforts between Russia and Ukraine unless clear progress is made soon.