U.S. Treasury Secretary Bessent: The U.S.-China trade negotiations are still ongoing, and the 200 tariff agreement with Trump has not yet been finalized.

U.S. Treasury Secretary Scott Bessent was interviewed this morning on 4/28 to discuss the tariff policies promoted by the Trump administration, economic polls, and his views on the progress of negotiations with China. He emphasized that the current short-term market fluctuations are aimed at creating a "fairer global trading system" and believes that consumer data remains strong and the fundamentals of the U.S. economy have not been significantly affected. In fact, there are interactions with China, but each side has different narratives internally.

A poll shows that 72% are pessimistic about Trump's future policies, and Bessent claims that consumer power remains strong.

The latest polls in the United States indicate:

53% of Americans believe the economy has worsened since Trump took office.

72% concerned that policies will trigger a recession

Bessent responded to this, saying that he had not looked closely at the data.

From the perspective of actual consumer behavior, the consumption power remains strong, which is inconsistent with the results of the polls.

It is believed that the media is rendering a pessimistic sentiment, but the stock market has actually rebounded from its lows, such as the Nasdaq Composite Index (NASDAQ) which rebounded in April.

The chart shows the NASDAQ Composite Index rebounding in April with the progress of Trump's 200 tariff agreements. Bessent stated that it has not been finalized yet.

Regarding Trump's claim of having reached 200 tariff agreements, Bessent clarified:

In fact, negotiations are underway with 17 major trading partners ( excluding China ).

Some Asian countries are making progress smoothly, while others need to eliminate some trade barriers.

Why use pre-taxation and post-negotiation? Bessent calls this a strategic maneuver.

Bessent explains Trump's strategic approach:

First set high tariffs as a negotiating lever.

Use tax cuts or exemptions as incentives to demand the other party lower tariffs, eliminate non-tariff barriers, and stop currency manipulation.

Small and medium-sized enterprises complain about rising costs, and Bessent claims that China cannot hold out much longer and must make concessions.

Regarding the pressure faced by small and medium-sized enterprises in the United States due to tariffs against China, Bessent responded:

China cannot withstand the impact of the sudden interruption of orders by the United States; China's export model cannot last long.

There will be a short-term pain period for the United States, but in the long run, it will bring back higher-paying and more value-added manufacturing jobs for the U.S.

In reality, there is interaction between the US and China, but each has a different narrative internally.

Regarding China's denial of negotiations on tariffs between the two parties, Bessent stated:

During the IMF World Bank meeting, he interacted with Chinese officials. Although the discussion was about financial stability and economic warnings, he believes that both sides still maintained communication.

He believes that China's external denial of negotiations with the United States is "something said for its own people."

How long will it take to reach a trade agreement between the US and China? Bessent said to proceed slowly at first.

Regarding Trump's statement that "an agreement will be reached soon," Bessent takes a more conservative stance:

He expects to first ease, then slowly reach partial consensus, and then enter the lengthy document processing and detail negotiations.

It may take some time to formally sign a comprehensive agreement.

Does the market's severe fluctuation shake confidence? Bessent says there's no need to worry.

In light of the recent fluctuations in the US dollar, stock, and bond markets, Bessent believes:

Short-term market fluctuations are a normal phenomenon and do not indicate that the world has lost confidence in the United States.

In the long run, the Trump administration is laying the foundation for a "strong dollar, strong economy."

(Shein raised its prices in the U.S., with some increases reaching up to three times. Does Trump still insist there is no inflation?)

This article Secretary of the Treasury Bessent: The US-China trade negotiations are still progressing, and the 200 tariff agreement by Trump has not yet been finalized, first appeared in Chain News ABMedia.