US Treasury Secretary Bessent discusses tariffs, sanctions with China, Hungary

U.S. Treasury Secretary Scott Bessent recently held discussions with Chinese Vice Premier He Lifeng, raising concerns about China's counternarcotics efforts and the impact of 10 percent tariffs imposed by the U.S. Bessent emphasized the need for China to shift its economic focus from exports to domestic consumption, while He voiced significant concerns about the tariffs. Meanwhile, Bessent also met with Hungary's Foreign Minister Péter Szijjártó to discuss trade relations and the reinstatement of a double taxation agreement, amidst Hungary's ongoing economic ties with Russia. The discussions highlighted the importance of U.S.-Hungary relations, although they notably did not address Russia's war in Ukraine. Bessent has chosen to skip the upcoming G20 finance ministers meeting to prioritize domestic issues. His meetings reflect ongoing tensions in U.S. international trade relations and economic strategies.