Posted on 04/09/2025 1:13:21 PM PDT by SoConPubbie
Treasury Secretary Scott Bessent said Wednesday the U.S. is moving toward trade agreements with key allies that will form the basis for a united economic front against China, while dismissing fears of a financial crisis as “nothing systemic.”
Speaking at the American Bankers Association meeting in Washington, Bessent laid out the Trump administration’s strategy to pressure Beijing through coordinated economic diplomacy.
“We can probably reach a deal with our allies,” Bessent said. “They’ve been good military allies, not perfect economic allies. And then we can approach China as a group.”
He warned Europe not to break ranks or retaliate against tariffs from the U.S.
“That would be cutting your own throat,” Bessent said, singling out Spanish officials who recently voiced interest in closer economic ties to China.
The Fantasia Economy
Bessent likened China’s model to a runaway cartoon. “They keep producing and producing, and dumping and dumping,” he said, comparing China’s export-driven economy to the spellbound brooms in Disney’s Fantasia, endlessly flooding the global market.
China, Bessent emphasized, is the only major country escalating following Trump’s new round of reciprocal tariffs. While others are seeking negotiations—including Japan, South Korea, India, and Vietnam—Beijing has instead responded with currency moves and retaliatory levies.
Panic in the Bond Market? “Normal Deleveraging,” Says Bessent
Earlier in the day on Fox Business, Bessent dismissed recent volatility in Treasury markets, where yields spiked sharply overnight, as a cyclical cleanout of excessive leverage.
“In the fixed-income markets, there are some very large leveraged players who are experiencing losses,” he said. “They are having to deleverage… I believe there is nothing systemic about this.”
(Excerpt) Read more at breitbart.com ...
He’s a pretty sober fella, and I certainly hope he’s correct and they can pull it off.
Exactly what a few of us said in hardspunned’s vanity earlier today. This is all about china. A combo of getting products elsewhere, possibly getting other countries to reduce their imports of china goods and us making stuff here, all to wind down the economic power of china.
He has an incredible resume.
You know that 5D chess we’ve heard so much about? This, my FRiend, is 5D chess with the Chicoms!
still wigged out about his (fairly recent) connection to Soros...
In a culture where face-saving is not just a value but the lens through which all social and political behavior is interpreted, how will China respond to being humiliated?
I’m not saying we shouldn’t do exactly what we’re doing—I trust Trump and his team—I’m just asking the question that begs to be asked.
He’s flat-out brilliant and highly accomplished, no doubt the best we’ve ever had in that job. Watch Tucker’s interview if you doubt this.
We not only have the cards, but we have guys with the brains and guts to know how to play them.
Trump had China on the ropes 5 years ago and then covid hit. A pure coincidence, of course...
2025 will be the year that China has The Big Reset.
I just love Scott Bessent. He even had Caitlin Collins on CNN nodding her head the other day.
“Honor”
Yeah, I keep thinking about that and who he deep down is, but I find his persona to be the most pleasant and impressive in Trump’s cabinet.
China is mad because, with Trump’s tariffs, their economy is going to tak, and they won’t have the funding to continue building up their military into the world’s strongest and biggest. China’s economy depended on what the U.S. was willing to give them.
China’s economy was not built by the Chinese; it was bulitl by the U.S and other western countries.
The Chinese leadership will not stand for this, and they have to fight to keep things as they have been for the last 4-5 decades. The Chinese economy is built of rice paper. Xi and the entire Chinese leadership is going to be hugely embarrassed on the world stage; therefore, they have to fight Trump on every detail of the Trump tariffs.
I saw that and it bothered me too. Trump must have gone ballistic the first time he read his resume.
Panic On the Dancefloor
https://www.youtube.com/watch?v=Me1fI2GHzE4
BEARS REPEATING FOR ALL TO SEE...
China could unleash another pathogen to stop Trump, a plandemic 2.0.
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