As we knew would happen, once Joe Biden took office, the Chinese knew he’d be a pushover. They said they just “ignored their obligations,” and nothing happened to them as they assumed.
Treasury Secretary Scott Bessent says in the clip below:
“In January 2020, President Trump produced a template. We had an excellent trade agreement with China, and the Biden administration chose not to enforce it. The Chinese delegation basically told us that once President Biden came into office, they just ignored their obligations. So we all already have a large framework.
“The other thing to remember here, Jonathan, is that this is a pause down to 10 %. The April second level for China is 34 %. So we will be working to see where their final reciprocal number ends up. The negotiations are a combination of tariffs, non-tariff trade barriers, currency manipulation, and subsidies of labor and capital.”
HOLY SMOKES: Treasury Secretary Scott Bessent just revealed that the Chinese said during their closed-door talks that they IGNORED their trade commitments under Biden because they knew he was weak.
“The Chinese delegation basically told us that once President Biden came into… pic.twitter.com/vdJDoRUr4y
— Eric Daugherty (@EricLDaugh) May 12, 2025
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