US Treasury Secretary Urges China to Fulfill Trade Obligations at House Hearing

U.S. Treasury Secretary Scott Bessent testified before the House Ways and Means Committee regarding the ongoing U.S.-China trade negotiations and the tariffs imposed under President Trump. Bessent emphasized the need for China to honor its trade commitments, describing China's economy as historically unbalanced and urging it to shift from export-driven growth to increased domestic consumption to stabilize its economy. While he highlighted improvements in U.S. inflation and tax revenues under Trump's policies, his economic assessments were challenged by lawmakers citing sluggish GDP and job growth since the tariffs' implementation. Bessent acknowledged China's past unreliability in trade but expressed cautious optimism about the new framework agreement reached in recent talks, though details remain undisclosed. He stressed the importance of fair trade and rebalancing global economic relations to benefit American workers and the global economy. The Treasury Secretary also noted that the Trump administration's tax legislation aims to revitalize American manufacturing and strengthen the middle class.