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U.S. Treasury Secretary Bessent said Washington hopes Beijing will scale back what she termed a "glut of manufacturing" and open its markets before an August 12 deadline linked to the two countries’ tariff discussions. Bessent added that the Biden administration—working with President Trump’s manufacturing push—envisions a trade balance in which the United States produces more goods while China shifts toward greater domestic consumption, a combination she called a potential "home run for the global economy."
Bessent on China: "They have the potential for a big consumer economy. President Trump is remaking the US into a manufacturing economy. If we can do that together -- we do more manufacturing, they do more consumption -- that would be a home run for the global economy." https://t.co/xTEP0JWXCU
BESSENT ON CHINA TRADE: WANT THEM TO OPEN UP IF WE CAN DO MORE MANUFACTURING, CHINA DOES MORE CONSUMPTION THAT WOULD BE A HOME RUN
US Treasury Secretary Bessent on China Trade: If we can do more manufacturing, China does more consumption that would be a home run.
