The United States and China may be inching closer to a comprehensive trade agreement, according to US Treasury Secretary Scott Bessent, who expressed cautious optimism following a fresh round of negotiations in Stockholm this week. In a now-deleted social media post on X, Bessent wrote, “This week’s negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations.” He added, “I am optimistic about the path forward.”&nbsp;The post was later taken down due to a technical error involving image uploads, but a Treasury Department spokesperson confirmed to Reuters that the language reflected Bessent’s consistent public messaging. The post has since been re-uploaded without any changes to the text.<h2>Tariff truce under pressure</h2>As per Reuters, the comments come at a critical moment in US–China trade relations. China is facing an August 12 deadline to reach a durable tariff agreement with the Trump administration. This follows preliminary truces in May and June, aimed at pausing a sharp escalation in tariffs and curbing the looming threat of a full rare earth export cutoff by Beijing.&nbsp;In a televised interview with CNBC on Thursday, Bessent reiterated that “the United States believes it has the makings of a trade deal with China, but it is not 100% done.” He said US negotiators had “pushed back quite a bit” during the two days of intensive discussions in Sweden’s capital.<h2>Trump’s hardline stance adds urgency</h2>The talks in Stockholm marked the first formal high-level dialogue since President Donald Trump warned of “massive retaliatory tariffs” if China failed to secure a long-term agreement by mid-August. The President has already reinstated a series of duties on Chinese goods, ranging from 10 to 41 per cent, affecting sectors such as electronics, automotive parts, and machinery.&nbsp;While no official joint statement was issued after the Stockholm round, Bessent’s remarks suggest measurable progress, even as both sides remain entrenched over key issues such as technology access, state subsidies, and enforcement mechanisms. Despite lingering friction, Bessent’s upbeat tone is being viewed as a potential confidence signal for global markets, which have remained jittery over supply chain disruptions and a potential downturn in US–China trade.&nbsp;As Reuters noted, the Treasury Secretary’s remarks align with broader efforts by Washington to balance assertive trade enforcement with strategic economic diplomacy. Beijing, for its part, has not yet commented officially on the Stockholm talks, but Chinese state media have signalled a preference for a “constructive resolution.” With just ten days left until Trump’s deadline, the world’s two largest economies appear to be navigating a fragile path, one that could either stabilise the global trade architecture or tip it into renewed chaos.&nbsp;(With inputs from the agencies)&nbsp;

As the August 12 tariff deadline nears, Bessent optimism signals progress but Trump hardline stance keeps pressure high on US–China trade talks.

The United States and China may be inching closer to a comprehensive trade agreement, according to US Treasury Secretary Scott Bessent, who expressed cautious optimism following a fresh round of negotiations in Stockholm this week. In a now-deleted social media post on X, Bessent wrote, “This week’s negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations.” He added, “I am optimistic about the path forward.” The post was later taken down due to a technical error involving image uploads, but a Treasury Department spokesperson confirmed to Reuters that the language reflected Bessent’s consistent public messaging. The post has since been re-uploaded without any changes to the text. Tariff truce under pressure As per Reuters, the comments come at a critical moment in US–China trade relations. China is facing an August 12 deadline to reach a durable tariff agreement with the Trump administration. This follows preliminary truces in May and June, aimed at pausing a sharp escalation in tariffs and curbing the looming threat of a full rare earth export cutoff by Beijing. In a televised interview with CNBC on Thursday, Bessent reiterated that “the United States believes it has the makings of a trade deal with China, but it is not 100% done.” He said US negotiators had “pushed back quite a bit” during the two days of intensive discussions in Sweden’s capital. Trump’s hardline stance adds urgency The talks in Stockholm marked the first formal high-level dialogue since President Donald Trump warned of “massive retaliatory tariffs” if China failed to secure a long-term agreement by mid-August. The President has already reinstated a series of duties on Chinese goods, ranging from 10 to 41 per cent, affecting sectors such as electronics, automotive parts, and machinery. While no official joint statement was issued after the Stockholm round, Bessent’s remarks suggest measurable progress, even as both sides remain entrenched over key issues such as technology access, state subsidies, and enforcement mechanisms. Despite lingering friction, Bessent’s upbeat tone is being viewed as a potential confidence signal for global markets, which have remained jittery over supply chain disruptions and a potential downturn in US–China trade. As Reuters noted, the Treasury Secretary’s remarks align with broader efforts by Washington to balance assertive trade enforcement with strategic economic diplomacy. Beijing, for its part, has not yet commented officially on the Stockholm talks, but Chinese state media have signalled a preference for a “constructive resolution.” With just ten days left until Trump’s deadline, the world’s two largest economies appear to be navigating a fragile path, one that could either stabilise the global trade architecture or tip it into renewed chaos. (With inputs from the agencies)

US Treasury Secretary Scott Bessent says talks with China are progressing, raising hopes of a breakthrough ahead of Trump’s looming tariff deadline.

Bessent points to ‘makings of a deal’ between US and China amid tariff tension

The United States could collect as much as $300 billion in tariff revenue by the end of 2025, Treasury Secretary Scott Bessent has said, highlighting the scale of President Donald Trump’s aggressive trade strategy.<h2>Treasury chief explains surge in collections</h2>Speaking at a White House Cabinet meeting on Tuesday, Bessent told colleagues that the US had already collected around $100 billion in tariff income so far this year. He added that revenues were accelerating after Trump’s imposition of sweeping new import duties in the second quarter.&nbsp;According to Reuters, Bessent said the new tariffs included a near-universal 10 per cent duty on all US imports as well as higher rates on steel, aluminium and automobiles. “So we could expect that that could be well over $300 billion by the end of the year,” Bessent said, outlining the administration’s expectations for tariff-driven income.&nbsp;A Treasury spokesperson clarified that the $300 billion target refers to the calendar year ending 31 December 2025, rather than the US government’s fiscal year ending 30 September, as reported by Reuters.<h2>Record-breaking customs revenue</h2>The projection builds on a sharp increase in tariff collections this year. As per Reuters, the Treasury reported record gross customs duties of $22.8 billion in May, a figure nearly four times higher than the $6.2 billion collected in the same month of 2024.&nbsp;This surge brought total customs duty collections for the first eight months of fiscal 2025 to $86.1 billion. For the first five months of the 2025 calendar year alone, the US took in $63.4 billion in tariff revenue.&nbsp;Bessent also cited an estimate from the Congressional Budget Office, which projects tariff revenue to total around $2.8 trillion over the next decade. He suggested, however, that even this figure might be too conservative. “We think it’s probably low,” Bessent said, according to Reuters.<h2>Trump’s August 1 deadline for sweeping tariff hikes</h2>President Trump’s trade strategy is expected to ramp up further in the coming weeks. As per Reuters, he has set an August 1 deadline for imposing higher “reciprocal” tariff rates on nearly all US trading partners.&nbsp;Trump said there is scope for negotiations over the next three weeks to secure more favourable deals for countries willing to offer concessions. “The big money will start coming in on August 1. I think it was made clear today by the letters that were sent out yesterday and today,” Trump told the Cabinet meeting, as quoted by Reuters.<h2>Targeting copper, semiconductors, and pharmaceuticals</h2>The Cabinet meeting also saw President Trump confirm a new 50 per cent tariff on copper imports. According to Reuters, Trump argued this measure was necessary to strengthen US production of a metal essential for electric vehicles, power grids, military equipment, and consumer electronics.&nbsp;Bloomberg reported that the announcement of the copper tariff has already shaken commodity markets, with US copper futures jumping to record highs in response to the news.&nbsp;Trump also signalled that his administration is planning additional tariffs on semiconductors and pharmaceuticals, further expanding his campaign to reshape America’s industrial policy.<h2>A high-stakes strategy with economic risks</h2>Mr. Trump’s expansive tariff agenda is becoming a defining feature of his economic policy in 2025, sending a clear message that he is willing to use aggressive trade measures to promote American manufacturing and reduce dependence on foreign suppliers. Yet the strategy carries clear risks. As per Reuters, economists warn that higher tariffs will mean increased costs for American businesses and consumers, particularly in industries that rely heavily on imported raw materials and components.&nbsp;While tariff revenue can help narrow budget deficits in the short term, sustained large-scale duties risk dampening economic growth, fuelling inflation, and straining relations with US allies. With the August 1 deadline approaching, global trading partners are now watching closely to see how far Washington is prepared to go in its effort to transform the terms of international commerce and whether any last-minute deals can avert a full-scale tariff confrontation. &nbsp;

As Trump targets imports from copper to pharmaceuticals and sets an August 1 deadline for tariff hikes, Treasury projects record revenue, but economists caution against long-term risks to growth and global trade stability.

The United States could collect as much as $300 billion in tariff revenue by the end of 2025, Treasury Secretary Scott Bessent has said, highlighting the scale of President Donald Trump’s aggressive trade strategy. Treasury chief explains surge in collections Speaking at a White House Cabinet meeting on Tuesday, Bessent told colleagues that the US had already collected around $100 billion in tariff income so far this year. He added that revenues were accelerating after Trump’s imposition of sweeping new import duties in the second quarter. According to Reuters, Bessent said the new tariffs included a near-universal 10 per cent duty on all US imports as well as higher rates on steel, aluminium and automobiles. “So we could expect that that could be well over $300 billion by the end of the year,” Bessent said, outlining the administration’s expectations for tariff-driven income. A Treasury spokesperson clarified that the $300 billion target refers to the calendar year ending 31 December 2025, rather than the US government’s fiscal year ending 30 September, as reported by Reuters. Record-breaking customs revenue The projection builds on a sharp increase in tariff collections this year. As per Reuters, the Treasury reported record gross customs duties of $22.8 billion in May, a figure nearly four times higher than the $6.2 billion collected in the same month of 2024. This surge brought total customs duty collections for the first eight months of fiscal 2025 to $86.1 billion. For the first five months of the 2025 calendar year alone, the US took in $63.4 billion in tariff revenue. Bessent also cited an estimate from the Congressional Budget Office, which projects tariff revenue to total around $2.8 trillion over the next decade. He suggested, however, that even this figure might be too conservative. “We think it’s probably low,” Bessent said, according to Reuters. Trump’s August 1 deadline for sweeping tariff hikes President Trump’s trade strategy is expected to ramp up further in the coming weeks. As per Reuters, he has set an August 1 deadline for imposing higher “reciprocal” tariff rates on nearly all US trading partners. Trump said there is scope for negotiations over the next three weeks to secure more favourable deals for countries willing to offer concessions. “The big money will start coming in on August 1. I think it was made clear today by the letters that were sent out yesterday and today,” Trump told the Cabinet meeting, as quoted by Reuters. Targeting copper, semiconductors, and pharmaceuticals The Cabinet meeting also saw President Trump confirm a new 50 per cent tariff on copper imports. According to Reuters, Trump argued this measure was necessary to strengthen US production of a metal essential for electric vehicles, power grids, military equipment, and consumer electronics. Bloomberg reported that the announcement of the copper tariff has already shaken commodity markets, with US copper futures jumping to record highs in response to the news. Trump also signalled that his administration is planning additional tariffs on semiconductors and pharmaceuticals, further expanding his campaign to reshape America’s industrial policy. A high-stakes strategy with economic risks Mr. Trump’s expansive tariff agenda is becoming a defining feature of his economic policy in 2025, sending a clear message that he is willing to use aggressive trade measures to promote American manufacturing and reduce dependence on foreign suppliers. Yet the strategy carries clear risks. As per Reuters, economists warn that higher tariffs will mean increased costs for American businesses and consumers, particularly in industries that rely heavily on imported raw materials and components. While tariff revenue can help narrow budget deficits in the short term, sustained large-scale duties risk dampening economic growth, fuelling inflation, and straining relations with US allies. With the August 1 deadline approaching, global trading partners are now watching closely to see how far Washington is prepared to go in its effort to transform the terms of international commerce and whether any last-minute deals can avert a full-scale tariff confrontation.

Trump's sweeping tariff push could net the U.S. $300 billion by end-2025, but experts warn of inflation and strained trade ties.

US aims for $300 billion in tariff revenue this year, says Treasury Secretary

As Donald Trump pushes ahead with threats of major tariffs unless new trade deals are reached, some inside the White House say it’s all just for show. According to a Politico report, the president’s tariff warnings are part of a “theatrical show” aimed at grabbing attention rather than real policy action.Also read: <a href="https://www.wionews.com/india-news/why-is-there-no-mrp-in-us-here-s-how-american-pricing-works-1751716714620">Why is there no MRP in US? Here's how American pricing&nbsp;works</a><h2>No real urgency inside White House, say sources</h2>The 90-day countdown to implement steep tariffs is fast approaching, but the atmosphere inside the White House appears anything but urgent, Politico reported. Instead of rushing to secure agreements, negotiators and officials reportedly see the looming deadline as meaningless.“Trump knows the most interesting part of his presidency is the tariff conversation. I find it hard to believe he’s going to surrender it that easily. It’s all fake. There’s no deadline. It’s a self-imposed landmark in this theatrical show, and that’s where we are,” one insider said.<h2>Confusion and mixed signals from US negotiators</h2>Trump has put the trade talks in the hands of Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. But according to the report, none of the three have much actual power, and they often seem to be working in different directions.The result, according to Politico, has been a “convoluted process” with very little real progress. Several countries have reportedly sent delegations to negotiate, only to leave without meetings or confused about what the US actually wants. In some cases, countries that have managed to hold talks were later publicly criticised by Trump online.The lack of a clear plan and the president’s shifting tone have left many in Washington puzzled. Trump recently hinted that the 90-day window for tariffs might be shortened or extended, saying, “We could extend it, we could make it shorter. I’d like to make it shorter.”Another official offered a blunt explanation, “You have wins. Take them. You only have to assume he doesn’t want to take them because he likes the game too much.”Outside the White House, foreign officials, lawmakers, and trade experts are becoming increasingly sceptical about the process. Many now doubt whether any deal with the Trump administration holds value, as tariffs continue to be used as unpredictable leverage.

Trump has put the trade talks in the hands of Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. But according to the report, none of the three have much actual power, and they often seem to be working in different directions.

As Donald Trump pushes ahead with threats of major tariffs unless new trade deals are reached, some inside the White House say it’s all just for show. According to a Politico report, the president’s tariff warnings are part of a “theatrical show” aimed at grabbing attention rather than real policy action. Also read: Why is there no MRP in US? Here's how American pricing works No real urgency inside White House, say sources The 90-day countdown to implement steep tariffs is fast approaching, but the atmosphere inside the White House appears anything but urgent, Politico reported. Instead of rushing to secure agreements, negotiators and officials reportedly see the looming deadline as meaningless. “Trump knows the most interesting part of his presidency is the tariff conversation. I find it hard to believe he’s going to surrender it that easily. It’s all fake. There’s no deadline. It’s a self-imposed landmark in this theatrical show, and that’s where we are,” one insider said. Confusion and mixed signals from US negotiators Trump has put the trade talks in the hands of Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. But according to the report, none of the three have much actual power, and they often seem to be working in different directions. The result, according to Politico, has been a “convoluted process” with very little real progress. Several countries have reportedly sent delegations to negotiate, only to leave without meetings or confused about what the US actually wants. In some cases, countries that have managed to hold talks were later publicly criticised by Trump online. The lack of a clear plan and the president’s shifting tone have left many in Washington puzzled. Trump recently hinted that the 90-day window for tariffs might be shortened or extended, saying, “We could extend it, we could make it shorter. I’d like to make it shorter.” Another official offered a blunt explanation, “You have wins. Take them. You only have to assume he doesn’t want to take them because he likes the game too much.” Outside the White House, foreign officials, lawmakers, and trade experts are becoming increasingly sceptical about the process. Many now doubt whether any deal with the Trump administration holds value, as tariffs continue to be used as unpredictable leverage.

Trump has put the trade talks in the hands of Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. But according to the report, none of the three have much actual power, and they often seem to be working in different directions.

‘It’s all fake’: Trump’s trade war just for show? White House insider claims tariff threats are ‘theatrical game’

US Treasury Secretary Scott Bessent on Thursday (May 1) said that he was confident China would want to reach a deal on tariffs. He added that the United States will likely revisit the phase one trade deal with Beijing from President Donald Trump&rsquo;s first administration.
In an interview with Fox Business Network, Bessant said, &ldquo;I am confident that the Chinese will want to reach a deal. And as I said, this is going to be a multi-step process. First, we need to de-escalate, and then over time, we will start focusing on a larger trade deal.&rdquo;
Also read | <a href="https://www.wionews.com/business-economy/coffee-price-hike-9021386">Is your coffee getting pricier?: Here&rsquo;s how climate change and Trump tariff is affecting it</a>
White House economic adviser Kevin Hassett also said that he was hopeful for progress with China on trade. He cited &ldquo;loose discussions&rdquo; between both nations but said that he personally did not have any talks with Chinese officials.
&ldquo;We&rsquo;re hopeful for progress. I think that the fact that the tariffs came off last week shows that we&rsquo;re very close to making the kind of progress we need to move the ball forward,&rdquo; Hassett said.
Also read | <a href="https://www.wionews.com/world/musk-dons-double-hat-at-cabinet-meeting-trump-officials-show-off-gulf-of-america-hats-9020198">Musk dons &lsquo;double hat&rsquo; at cabinet meeting; Trump officials show off &lsquo;Gulf of America&rsquo; hats</a>
<h2>Phase one trade deal</h2>
The phase one trade deal, which was signed in January 2020, stated that China would buy an additional $200 bn in US exports over 2020 and 2021. But it was unable to import enough US goods to meet its import levels from 2017.
Also read | <a href="https://www.wionews.com/world/trump-defying-supreme-court-order-on-purpose-us-president-reveals-he-could-return-el-salvadoran-man-9020073">Trump defying Supreme Court order on purpose? US president reveals he &lsquo;could&rsquo; return El Salvadoran man</a>
The deal included other agreements, including China committing to remove technical barriers to US agricultural exports, protecting the intellectual property rights of US companies and stopping transfers of technology.
On Tuesday (Apr 29), Bessent told Fox News that the administration would &ldquo;take into account&rdquo; that China &ldquo;didn&rsquo;t adhere to the phase one deal&rdquo;.
Also read | <a href="https://www.wionews.com/world/china-getting-absolutely-hammered-trump-says-beijing-doing-very-poorly-due-to-us-tariffs-9019893">&lsquo;China getting absolutely hammered&rsquo;: Trump says Beijing doing &lsquo;very poorly&rsquo; due to US tariffs</a>
&ldquo;I think we&rsquo;ll have to take into account that they didn&rsquo;t adhere to the phase one deal and, you know, I note with great interest that the Biden administration liked the tariffs, but they didn&rsquo;t enforce the purchase agreements,&rdquo; he said.

White House economic adviser Kevin Hassett also said that he was hopeful for progress with China on trade. He cited “loose discussions” between both nations but said that he personally did not have any talks with Chinese officials. World

US Treasury Secretary Scott Bessent on Thursday (May 1) said that he was confident China would want to reach a deal on tariffs. He added that the United States will likely revisit the phase one trade deal with Beijing from President Donald Trump’s first administration. In an interview with Fox Business Network, Bessant said, “I am confident that the Chinese will want to reach a deal. And as I said, this is going to be a multi-step process. First, we need to de-escalate, and then over time, we will start focusing on a larger trade deal.” Also read | Is your coffee getting pricier?: Here’s how climate change and Trump tariff is affecting it White House economic adviser Kevin Hassett also said that he was hopeful for progress with China on trade. He cited “loose discussions” between both nations but said that he personally did not have any talks with Chinese officials. “We’re hopeful for progress. I think that the fact that the tariffs came off last week shows that we’re very close to making the kind of progress we need to move the ball forward,” Hassett said. Also read | Musk dons ‘double hat’ at cabinet meeting; Trump officials show off ‘Gulf of America’ hats Phase one trade deal The phase one trade deal, which was signed in January 2020, stated that China would buy an additional $200 bn in US exports over 2020 and 2021. But it was unable to import enough US goods to meet its import levels from 2017. Also read | Trump defying Supreme Court order on purpose? US president reveals he ‘could’ return El Salvadoran man The deal included other agreements, including China committing to remove technical barriers to US agricultural exports, protecting the intellectual property rights of US companies and stopping transfers of technology. On Tuesday (Apr 29), Bessent told Fox News that the administration would “take into account” that China “didn’t adhere to the phase one deal”. Also read | ‘China getting absolutely hammered’: Trump says Beijing doing ‘very poorly’ due to US tariffs “I think we’ll have to take into account that they didn’t adhere to the phase one deal and, you know, I note with great interest that the Biden administration liked the tariffs, but they didn’t enforce the purchase agreements,” he said.

‘We need to de-escalate’: US Treasury Secretary Bessent says he’s confident China will want to reach tariff deal

US Treasury Secretary Scott Bessent on Tuesday (April 29) said that the President Donald Trump's administration is "very close" to finalise a <a href="https://www.wionews.com/tags/trade">trade </a>agreement with India, adding that it easy to do with India.&nbsp;
Bessent was speaking at a press briefing alongside White House Press Secretary Karoline Leavitt. The US treasury secretary said that negotiations with India have been "relatively smooth".&nbsp;
He noted that it is easy to negotiate because of the high tariffs, adding that the talks with the country are "moving well".&nbsp;
Also read: <a href="https://www.wionews.com/world/jd-vance-speaks-on-us-indias-shared-priorities-calls-pm-modi-most-popular-leader-president-trump-wants-india-to-grow-8989489">'Most popular leader...tough negotiator': JD Vance praises PM Modi, asks India to ease tariffs</a>
He recalled US Vice President JD Vance's meeting with PM Modi.&nbsp;
"America's Asian trading partners and allies have been the most forthcoming in terms of doing the deals. As I mentioned, Vice President Vance was in India last week. I think that he and (Prime Minister Narendra) Modi made some very good progress. So I could see some announcements on India," Bessent told reporters at the White House.
When asked about the timeline for a trade deal, Bessent said, "I think that we are very close on India and in India...India, in a funny way, is easier to negotiate than the many other countries because they have very high tariffs and lots of tariffs."
Also read: <a href="https://www.wionews.com/autonews/trump-administration-to-ease-auto-tariff-impact-offering-relief-to-automakers-9014606">Trump administration to ease auto tariff impact, offering relief to automakers</a>
He added that it's much easier to confront the direct tariffs "when we got through these unfair trade deals that have been put in over decades, that the non-tariff trade barriers can be much more insidious and also harder to detect."
Bessent said that with a country like India, it is much easier to negotiate with them.&nbsp;
"So I think the Indian negotiations are moving well," he said.
Earlier on Monday, the US treasury secretary told CNBC that India is likely to be among the first countries to finalise a bilateral trade agreement with the US.&nbsp;
Also read: <a href="https://www.wionews.com/business-economy/end-of-cheap-hauls-sheins-prices-are-soaring-for-us-buyers-before-tariffs-bite-9009408">End of Cheap Hauls? Shein&rsquo;s Prices Are Soaring for US Buyers Before Tariffs Bite</a>

Bessent was speaking at a press briefing alongside White House Press Secretary. Bessent said that negotiations with India have been "relatively smooth". World india news

US Treasury Secretary Scott Bessent on Tuesday (April 29) said that the President Donald Trump's administration is "very close" to finalise a trade agreement with India, adding that it easy to do with India. Bessent was speaking at a press briefing alongside White House Press Secretary Karoline Leavitt. The US treasury secretary said that negotiations with India have been "relatively smooth". He noted that it is easy to negotiate because of the high tariffs, adding that the talks with the country are "moving well". Also read: 'Most popular leader...tough negotiator': JD Vance praises PM Modi, asks India to ease tariffs He recalled US Vice President JD Vance's meeting with PM Modi. "America's Asian trading partners and allies have been the most forthcoming in terms of doing the deals. As I mentioned, Vice President Vance was in India last week. I think that he and (Prime Minister Narendra) Modi made some very good progress. So I could see some announcements on India," Bessent told reporters at the White House. When asked about the timeline for a trade deal, Bessent said, "I think that we are very close on India and in India...India, in a funny way, is easier to negotiate than the many other countries because they have very high tariffs and lots of tariffs." Also read: Trump administration to ease auto tariff impact, offering relief to automakers He added that it's much easier to confront the direct tariffs "when we got through these unfair trade deals that have been put in over decades, that the non-tariff trade barriers can be much more insidious and also harder to detect." Bessent said that with a country like India, it is much easier to negotiate with them. "So I think the Indian negotiations are moving well," he said. Earlier on Monday, the US treasury secretary told CNBC that India is likely to be among the first countries to finalise a bilateral trade agreement with the US. Also read: End of Cheap Hauls? Shein’s Prices Are Soaring for US Buyers Before Tariffs Bite

US-India trade deal soon? US Treasury Secretary Bessent says negotiations 'smoother' with India than other nations

Treasury Secretary Scott Bessent on Tuesday (Apr 8) said that the US holds a substantial advantage over China as the two nations engage in a growing trade war.&nbsp;
&ldquo;I think it was a big mistake, this Chinese escalation, because they&rsquo;re playing with a pair of twos,&rdquo; Bessent told CNBC during an interview. &ldquo;What do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us, so that is a losing hand for them.&rdquo;
Also read | <a href="https://www.wionews.com/world/china-vows-to-fight-against-trumps-tariff-beijings-plan-to-ban-hollywood-movies-could-cost-us-millions-8939497">China vows to &lsquo;fight&rsquo; against Trump&rsquo;s tariff. Beijing&rsquo;s plan to ban Hollywood movies could cost US millions</a>
<h2>Trump&rsquo;s reciprocal tariffs</h2>
Bessent&rsquo;s remarks come a day before the US is set to raise its levies on China and several other nations as part of the reciprocal tariffs. The duties will bring US trading allies to the negotiating table and jobs back to the US, said the treasury secretary.
He added that so far Japan has been at the forefront of nations willing to negotiate, and the White House expects many others as well.
Also read | <a href="https://www.wionews.com/world/donald-trump-threatens-china-with-50-tariffs-if-beijing-doesnt-drop-retaliatory-tariffs-by-april-8-8936490">'Any country that retaliates..': Trump threatens China with 50% tariffs if Beijing doesn't back down</a>
&ldquo;I think you are going to see some very large countries with large trade deficits come forward very quickly,&rdquo; Bessent said. &ldquo;If they come to the table with solid proposals, I think we can end up with some good deals.&rdquo;
&ldquo;If we put up a tariff wall, the ultimate goal would be to bring jobs back to the US. But in the meantime, we will be collecting substantial tariffs,&rdquo; he said. &ldquo;If we&rsquo;re successful, tariffs would be a melting ice cube, in a way, because you&rsquo;re taking in the revenues as the manufacturing facilities are built in the U.S., and there should be some level of symmetry between the taxes we begin taking in with the new industry from the payroll taxes as the tariffs decline.&rdquo;
Also read | <a href="https://www.wionews.com/world/donald-trump-calls-china-biggest-abuser-as-markets-crash-tariffs-beijing-8935566">&lsquo;Didn&rsquo;t heed my warning&rsquo;: Trump calls China &lsquo;biggest abuser&rsquo; as markets crash; Beijing slams US &lsquo;bullying&rsquo;</a>
<h2>China&rsquo;s vows to &lsquo;fight to the end&rsquo;</h2>
While about 70 countries have reached out to the White House for talks, he said, China has vowed to &ldquo;fight to the end&rdquo; and has imposed 34 per cent tariffs on US imports in response to US President Donald Trump&rsquo;s &ldquo;blackmail&rdquo;.
The US president has threatened Beijing with additional 50 per cent duties on Chinese goods if they do not withdraw the reciprocal tariffs by Tuesday (Apr 8).
Also read | <a href="https://www.wionews.com/world/china-on-tariffs-us-seeking-hegemony-in-the-name-of-reciprocity-in-trade-war-8934616">China on tariffs: 'US seeking hegemony in the name of reciprocity in trade war'</a>
If the US president moves forward with his plans to impose the additional tariffs, unless China withdraws its retaliatory levies on the US, the total new duties on Chinese goods this year could rise to 104 per cent.
(With inputs from agencies)

World | Trending | Bessent’s remarks come a day before the US is set to raise its levies on China and several other nations as part of the reciprocal tariffs.

Treasury Secretary Scott Bessent on Tuesday (Apr 8) said that the US holds a substantial advantage over China as the two nations engage in a growing trade war. “I think it was a big mistake, this Chinese escalation, because they’re playing with a pair of twos,” Bessent told CNBC during an interview. “What do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us, so that is a losing hand for them.” Also read | China vows to ‘fight’ against Trump’s tariff. Beijing’s plan to ban Hollywood movies could cost US millions Trump’s reciprocal tariffs Bessent’s remarks come a day before the US is set to raise its levies on China and several other nations as part of the reciprocal tariffs. The duties will bring US trading allies to the negotiating table and jobs back to the US, said the treasury secretary. He added that so far Japan has been at the forefront of nations willing to negotiate, and the White House expects many others as well. Also read | 'Any country that retaliates..': Trump threatens China with 50% tariffs if Beijing doesn't back down “I think you are going to see some very large countries with large trade deficits come forward very quickly,” Bessent said. “If they come to the table with solid proposals, I think we can end up with some good deals.” “If we put up a tariff wall, the ultimate goal would be to bring jobs back to the US. But in the meantime, we will be collecting substantial tariffs,” he said. “If we’re successful, tariffs would be a melting ice cube, in a way, because you’re taking in the revenues as the manufacturing facilities are built in the U.S., and there should be some level of symmetry between the taxes we begin taking in with the new industry from the payroll taxes as the tariffs decline.” Also read | ‘Didn’t heed my warning’: Trump calls China ‘biggest abuser’ as markets crash; Beijing slams US ‘bullying’ China’s vows to ‘fight to the end’ While about 70 countries have reached out to the White House for talks, he said, China has vowed to “fight to the end” and has imposed 34 per cent tariffs on US imports in response to US President Donald Trump’s “blackmail”. The US president has threatened Beijing with additional 50 per cent duties on Chinese goods if they do not withdraw the reciprocal tariffs by Tuesday (Apr 8). Also read | China on tariffs: 'US seeking hegemony in the name of reciprocity in trade war' If the US president moves forward with his plans to impose the additional tariffs, unless China withdraws its retaliatory levies on the US, the total new duties on Chinese goods this year could rise to 104 per cent. (With inputs from agencies)

‘Playing with a losing hand’: US Treasury Secretary Bessent says China’s escalation was ‘big mistake’

Despite a steep drop in the US stock market last week, Treasury Secretary Scott Bessent says that President <a href="https://www.wionews.com/world/cant-stomach-trumps-absurd-tariff-math-trumps-treasury-secy-looking-for-exit-door-after-tariffs-ruin-his-credibility-8930074" rel="dofollow noopener" target="_blank">Donald Trump&rsquo;s</a> new tariff plans aren&rsquo;t the real reason behind the fall.
Instead, Bessent pointed the finger at DeepSeek, a Chinese artificial intelligence platform launched earlier this year, claiming that its release had a bigger impact on investor confidence than any political decision.
&ldquo;For everyone who thinks these market declines are all based on the President's economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek,&rdquo; Bessent said during an interview with Tucker Carlson posted on Friday.
Also read: <a href="https://www.wionews.com/world/donald-trump-china-tariffs-trade-war-8929697" rel="dofollow noopener" target="_blank">'China has been hit much harder': Trump downplays Beijing's retaliatory tariffs but admits trade war 'won&rsquo;t be easy'</a>
<h2>'I'd say it's more a Mag 7 problem, not a MAGA'</h2>
DeepSeek, which rivals platforms like ChatGPT, introduced its latest version in January. According to Bessent, it triggered the downturn in the share prices of leading US tech firms, often referred to as the &ldquo;Magnificent 7.&rdquo;
&ldquo;I'd say it's more a Mag 7 problem, not a MAGA problem,&rdquo; Bessent told Carlson.
Bessent, a former hedge fund manager before becoming Treasury Secretary under Trump, explained, &ldquo;If I were to analyse in my old hat, and this is the only time I'm going to talk about it ... what's happening with the market, I'd say it's more a Mag 7 problem, not a MAGA problem.&rdquo;
Also read: <a href="https://www.wionews.com/world/not-just-taxes-its-a-safety-net-why-india-has-sky-high-tariffs-8929246" rel="dofollow noopener" target="_blank">'Not just taxes, it&rsquo;s a safety net': Why India has sky-high tariffs?</a>
The &ldquo;Mag 7&rdquo; includes seven top-performing technology companies whose success has heavily influenced the stock market&rsquo;s recent highs. &ldquo;MAGA,&rdquo; meanwhile, refers to Trump&rsquo;s &ldquo;Make America Great Again&rdquo; slogan.
US markets have fallen by roughly 10% over two days since Trump introduced a global 10% import tax, with even steeper tariffs for certain countries. But signs of weakness were already visible earlier in the year when DeepSeek&rsquo;s free AI assistant launched, boasting lower data use and cheaper running costs. That launch led to a massive selloff &mdash; including a record $600 billion loss in market value from AI chipmaker Nvidia, one of the Magnificent 7.
<h2>Trump officials play down market concerns</h2>
Bessent is not the only Trump official downplaying the market reaction. Commerce Secretary Howard Lutnick has also dismissed concerns, suggesting the market response is unrelated to Trump&rsquo;s tariff announcement.
Also read: <a href="https://www.wionews.com/world/netanyahu-to-meet-trump-in-washington-this-week-first-foreign-leader-to-discuss-tariffs-in-person-8929092" rel="dofollow noopener" target="_blank">Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person</a>
(With inputs from agencies)

World: DeepSeek, which rivals platforms like ChatGPT, introduced its latest version in January. According to Bessent, it triggered the downturn in the share prices of leading US tech firms, often referred to as the “Magnificent 7.”

Despite a steep drop in the US stock market last week, Treasury Secretary Scott Bessent says that President Donald Trump’s new tariff plans aren’t the real reason behind the fall. Instead, Bessent pointed the finger at DeepSeek, a Chinese artificial intelligence platform launched earlier this year, claiming that its release had a bigger impact on investor confidence than any political decision. “For everyone who thinks these market declines are all based on the President's economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek,” Bessent said during an interview with Tucker Carlson posted on Friday. Also read: 'China has been hit much harder': Trump downplays Beijing's retaliatory tariffs but admits trade war 'won’t be easy' 'I'd say it's more a Mag 7 problem, not a MAGA' DeepSeek, which rivals platforms like ChatGPT, introduced its latest version in January. According to Bessent, it triggered the downturn in the share prices of leading US tech firms, often referred to as the “Magnificent 7.” “I'd say it's more a Mag 7 problem, not a MAGA problem,” Bessent told Carlson. Bessent, a former hedge fund manager before becoming Treasury Secretary under Trump, explained, “If I were to analyse in my old hat, and this is the only time I'm going to talk about it ... what's happening with the market, I'd say it's more a Mag 7 problem, not a MAGA problem.” Also read: 'Not just taxes, it’s a safety net': Why India has sky-high tariffs? The “Mag 7” includes seven top-performing technology companies whose success has heavily influenced the stock market’s recent highs. “MAGA,” meanwhile, refers to Trump’s “Make America Great Again” slogan. US markets have fallen by roughly 10% over two days since Trump introduced a global 10% import tax, with even steeper tariffs for certain countries. But signs of weakness were already visible earlier in the year when DeepSeek’s free AI assistant launched, boasting lower data use and cheaper running costs. That launch led to a massive selloff — including a record $600 billion loss in market value from AI chipmaker Nvidia, one of the Magnificent 7. Trump officials play down market concerns Bessent is not the only Trump official downplaying the market reaction. Commerce Secretary Howard Lutnick has also dismissed concerns, suggesting the market response is unrelated to Trump’s tariff announcement. Also read: Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person (With inputs from agencies)

‘Blame China’s AI, not Trump’: US Treasury Secretary claims DeepSeek responsible for tanking stock market, not tariffs

US Treasury Secretary Scott Bessent is looking to leave the Trump administration following the US president's massive tariff rollout, which damaged his "credibility", claimed US media MSNBC host Stephanie Ruhle.&nbsp;
During her presence on MSNBC's Morning Joe, Ruhle said Bessent is looking for an exit door to try to get himself to the Fed.&nbsp;
&ldquo;Some [sources] have said to me, he&rsquo;s looking for an exit door to try to get himself to the Fed because, in the last few days, he&rsquo;s really hurting his own credibility and history in the markets,&rdquo; she said.&nbsp;
Trump slapped a universal 10% tariff on all US imports as well as reciprocal tariffs on 180 countries.&nbsp;
Also read: <a href="https://www.wionews.com/world/trump-might-go-back-on-tariffs-on-vietnam-heres-why-8929795">Trump might go back on tariffs on Vietnam, here's why</a>
<h2>'Absurd tariff math'</h2>
Ruhle suggested that Bessent, who built his $521 million fortune managing massive hedge funds, can&rsquo;t stomach Trump&rsquo;s &ldquo;absurd tariff math".&nbsp;
Some of the critics have also slammed Trump's tariffs as a "kindergarten-level understanding&rdquo; of international trade."
Trump is "not listening" to his treasury secretary, "the odd man out" in the president's inner circle, according to Ruhle's sources.&nbsp;
Also read: <a href="https://www.wionews.com/world/donald-trump-china-tariffs-trade-war-8929697">'China has been hit much harder': Trump downplays Beijing's retaliatory tariffs but admits trade war 'won&rsquo;t be easy'</a>
&ldquo;[Bessent] actually understands how the markets work and, what&rsquo;s happening right now, is only going to hurt markets," she said.&nbsp;
Meanwhile, Bessent called the use of sweeping tariffs &ldquo;maximalist&rdquo; positions in October 2024 when he was an economic adviser in Trump&rsquo;s campaign.
&ldquo;It&rsquo;s escalate to de-escalate,&rdquo; Bessent told the Financial Times at the time. He further warned countries not to retaliate.
Also read: <a href="https://www.wionews.com/world/netanyahu-to-meet-trump-in-washington-this-week-first-foreign-leader-to-discuss-tariffs-in-person-8929092">Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person</a>
&ldquo;Sit back, take it in, let&rsquo;s see how it goes. Because if you retaliate, there will be escalation. If you don&rsquo;t retaliate, this is the high-water mark,&rdquo; he said on Wednesday.
Trump after announcing tariffs told the crowd that &ldquo;April 2, 2025, will forever be remembered as the day American industry was reborn,&rdquo; insisting that for decades, the US had been &ldquo;looted, pillaged, raped, and plundered&rdquo; by foreign nations.
Also read: <a href="https://www.wionews.com/world/not-just-taxes-its-a-safety-net-why-india-has-sky-high-tariffs-8929246">'Not just taxes, it&rsquo;s a safety net': Why India has sky-high tariffs?</a>
(With inputs from agencies)

World: Ruhle suggested that Scott Bessent, who built his $521 million fortune managing massive hedge funds, can’t stomach Trump’s “absurd tariff math".

US Treasury Secretary Scott Bessent is looking to leave the Trump administration following the US president's massive tariff rollout, which damaged his "credibility", claimed US media MSNBC host Stephanie Ruhle. During her presence on MSNBC's Morning Joe, Ruhle said Bessent is looking for an exit door to try to get himself to the Fed. “Some [sources] have said to me, he’s looking for an exit door to try to get himself to the Fed because, in the last few days, he’s really hurting his own credibility and history in the markets,” she said. Trump slapped a universal 10% tariff on all US imports as well as reciprocal tariffs on 180 countries. Also read: Trump might go back on tariffs on Vietnam, here's why 'Absurd tariff math' Ruhle suggested that Bessent, who built his $521 million fortune managing massive hedge funds, can’t stomach Trump’s “absurd tariff math". Some of the critics have also slammed Trump's tariffs as a "kindergarten-level understanding” of international trade." Trump is "not listening" to his treasury secretary, "the odd man out" in the president's inner circle, according to Ruhle's sources. Also read: 'China has been hit much harder': Trump downplays Beijing's retaliatory tariffs but admits trade war 'won’t be easy' “[Bessent] actually understands how the markets work and, what’s happening right now, is only going to hurt markets," she said. Meanwhile, Bessent called the use of sweeping tariffs “maximalist” positions in October 2024 when he was an economic adviser in Trump’s campaign. “It’s escalate to de-escalate,” Bessent told the Financial Times at the time. He further warned countries not to retaliate. Also read: Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person “Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark,” he said on Wednesday. Trump after announcing tariffs told the crowd that “April 2, 2025, will forever be remembered as the day American industry was reborn,” insisting that for decades, the US had been “looted, pillaged, raped, and plundered” by foreign nations. Also read: 'Not just taxes, it’s a safety net': Why India has sky-high tariffs? (With inputs from agencies)

'Can’t stomach Trump’s absurd tariff math': US treasury secretary 'looking for exit door' after tariffs ruin his credibility

The president-elect has enlisted a trusted advisor to oversee the massive economic reforms he has promised to implement during his second term in office.

After a lengthy search, during which Trump considered several candidates — and Wall Street CEOs and business leaders vied to influence the selection of the soon-to-be president — Bessent, 62, emerged as the pick.

According to Trump's allies, the president-elect was looking for a candidate who could win over Wall Street and an electorate that was ready for him to impose massive tariffs, accept cryptocurrency, and end illegal immigration.

Bessent beat out other prominent contenders, including Howard Lutnick, who was appointed to head the commerce department. Others in the fray were Marc Rowan, an executive at Apollo Global Management, Bill Hagerty, a senator from Tennessee, and Kevin Warsh, a former governor of the Federal Reserve.

Trump, in a statement on Friday, after the $28 trillion market for US treasuries was already closed for the week, said, "Scott has long been a strong advocate of the America First agenda." He added, "On the eve of our great country's 250th anniversary, he will help me usher in a new golden age for the United States as we fortify our position as the world's leading economy."

If confirmed by the Senate, Bessent will join an economic team that will begin to take shape just weeks after Trump wins a second presidential term. Investors and strategists are awaiting more details on Bessent's views on fiscal policy and his next steps.

Wall Street broadly considers Bessent a 'fiscal hawk.' Glen Capelo, Managing Director at Mischler Financial Group, said, "Scott is a fiscal hawk, and he definitely will be positive overall for the economy and the markets.” He added, "he wants to rein in spending. Bessent wants to get the secretary of the treasury back in line with the markets."

The president-elect has enlisted a trusted advisor to oversee the massive economic reforms he has promised to implement during his second term in office. After a lengthy search, during which Trump considered several candidates — and Wall Street CEOs and business leaders vied to influence the selection of the soon-to-be president — Bessent, 62, emerged as the pick.

The president-elect has enlisted a trusted advisor to oversee the massive economic reforms he has promised to implement during his second term in office. After a lengthy search, during which Trump considered several candidates — and Wall Street CEOs and business leaders vied to influence the selection of the soon-to-be president — Bessent, 62, emerged as the pick. According to Trump's allies, the president-elect was looking for a candidate who could win over Wall Street and an electorate that was ready for him to impose massive tariffs, accept cryptocurrency, and end illegal immigration. Bessent beat out other prominent contenders, including Howard Lutnick, who was appointed to head the commerce department. Others in the fray were Marc Rowan, an executive at Apollo Global Management, Bill Hagerty, a senator from Tennessee, and Kevin Warsh, a former governor of the Federal Reserve. Trump, in a statement on Friday, after the $28 trillion market for US treasuries was already closed for the week, said, "Scott has long been a strong advocate of the America First agenda." He added, "On the eve of our great country's 250th anniversary, he will help me usher in a new golden age for the United States as we fortify our position as the world's leading economy." If confirmed by the Senate, Bessent will join an economic team that will begin to take shape just weeks after Trump wins a second presidential term. Investors and strategists are awaiting more details on Bessent's views on fiscal policy and his next steps. Wall Street broadly considers Bessent a 'fiscal hawk.' Glen Capelo, Managing Director at Mischler Financial Group, said, "Scott is a fiscal hawk, and he definitely will be positive overall for the economy and the markets.” He added, "he wants to rein in spending. Bessent wants to get the secretary of the treasury back in line with the markets."

US Treasury pick Bessent 'is a fiscal hawk'

The Donald Trump 2.0 cabinet continues to expand as the United States (US) President-elect has named two more Republicans who will be a part of his administration.

The Donald Trump 2.0 cabinet continues to expand as the United States (US) President-elect has named two more Republicans who will be a part of his administration. On Friday (Nov 22), Trump named billionaire Scott Bessent as his treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs. Meanwhile, Trump also chose former Congressman and medical doctor Dave Weldon as the director of the Centers for Disease Control and Prevention (CDC). Who is Scott Bessent? Bessent, 62, is the chief executive officer (CEO) of Key Square Group. Originally from the US state of South Carolina, Bessent attended Yale University and served as chief investment officer of Soros Fund Management, the macroeconomic investment firm of billionaire George Soros. In 2015, he raised capital, including $2 billion from Soros, to start his own hedge fund, according to a report by the news agency AFP. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists," Trump said in a statement on Friday. "He will help me usher in a new Golden Age for the United States, as we fortify our position as the world's leading economy," Trump said, adding that Bessent would also help "reinvigorate the private sector, and help curb the unsustainable path of federal debt." The hedge fund manager has known the Trump family for 30 years. He had recently served as an advisor to Trump. Bessent has called for tax reform and deregulation to spur growth. Who is Dave Weldon? Dave Weldon, 71, had served in the US House of Representatives representing Florida's 15th district from 1995-2009. He did not seek reelection in 2008. Weldon earned his MD degree at the University of Buffalo School of Medicine in 1981. He had served in the US Army. In a statement, Trump said on Friday that Weldon would "proudly restore the CDC to its true purpose, and will work to end the Chronic Disease Epidemic." Weldon would replace Dr Mandy Cohen, an internal medicine physician and former chief of the North Carolina Department of Health and Human Services, where she led the state's response to the COVID-19 pandemic. As a Congressman, Weldon introduced a bill that would give responsibility for the nation's vaccine safety to an independent agency within the Department of Health and Human Services, removing most vaccine safety research from the CDC, as per a report by USA Today. (With inputs from agencies)

Donald Trump 2.0 cabinet: Billionaire Scott Bessent chosen as treasury chief; Dave Weldon to direct CDC

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump?

Marc Rowan, the CEO of Appolo Global Management Inc, is a top contender for the post that has massive implications for US financial and economic policy affecting the nation and rest of the world, according to various media reports.

Watch: What Trump 2.0 Means For India | GRAVITAS

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/what-trump-20-means-for-india-gravitas-774099/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Rowan, 62, has gone to Florida from his base in Hong Kong, and is set to meet Trump on Wednesday (Nov 20) to make his case for the job, the Financial Times reported.

According to the British newspaper, Rowan has the support of several Trump donors.

Other top names for the job include hedge fund investor Scott Bessent, former Federal Reserve governor Kevin Warsh and Tennessee Senator Bill Hagerty.

Trump will interview both Rowan and Warsh on Wednesday, Bloomberg news agency reported citing sources.

<a href="https://www.wionews.com/opinions-blogs/office-for-profit-how-trumps-return-will-add-to-his-wealth-and-raise-ethical-questions-777315">Also read: Office for profit: How Trump's return will add to his wealth and raise ethical questions&nbsp;</a> 
 
Trump tapped another billionaire, Howard Lutnick from the investment firm Cantor Fitzgerald, as commerce secretary on Tuesday.

Rowan, a Wharton School of Business graduate, was part of the team that adviced Trump during the early stages of Covid pandemic that hit the US at the fag end of his first term.

Rowan's&nbsp;investment firm Apollo Global Management has assets under management worth over $700 billion.

According to a report in Times of Israel, Rowan was an ardent critic of antisemitism in US educational institutions in the wake of Gaza war after Israel was attacked by Hamas terroists last October.

<a href="https://www.wionews.com/world/trump-20-cabinet-brendan-carr-to-be-chairperson-of-federal-communications-commission-776955">Also read: Trump 2.0 cabinet: Brendan Carr to be chairperson of Federal Communications Commission</a>

Financial industry veterans becoming treasury secretary is nothing new in the 'revolving door' of industry-government jobs of the US.&nbsp;

If Rowan is named by Trump and approved by Senate, he will have influence over the $24 trillion private equity market, said a report on Fortune magazine.

(With inputs from agencies)

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump?

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump? Marc Rowan, the CEO of Appolo Global Management Inc, is a top contender for the post that has massive implications for US financial and economic policy affecting the nation and rest of the world, according to various media reports. Watch: What Trump 2.0 Means For India | GRAVITAS × Rowan, 62, has gone to Florida from his base in Hong Kong, and is set to meet Trump on Wednesday (Nov 20) to make his case for the job, the Financial Times reported. According to the British newspaper, Rowan has the support of several Trump donors. Other top names for the job include hedge fund investor Scott Bessent, former Federal Reserve governor Kevin Warsh and Tennessee Senator Bill Hagerty. Trump will interview both Rowan and Warsh on Wednesday, Bloomberg news agency reported citing sources. Also read: Office for profit: How Trump's return will add to his wealth and raise ethical questions Trump tapped another billionaire, Howard Lutnick from the investment firm Cantor Fitzgerald, as commerce secretary on Tuesday. Rowan, a Wharton School of Business graduate, was part of the team that adviced Trump during the early stages of Covid pandemic that hit the US at the fag end of his first term. Rowan's investment firm Apollo Global Management has assets under management worth over $700 billion. According to a report in Times of Israel, Rowan was an ardent critic of antisemitism in US educational institutions in the wake of Gaza war after Israel was attacked by Hamas terroists last October. Also read: Trump 2.0 cabinet: Brendan Carr to be chairperson of Federal Communications Commission Financial industry veterans becoming treasury secretary is nothing new in the 'revolving door' of industry-government jobs of the US. If Rowan is named by Trump and approved by Senate, he will have influence over the $24 trillion private equity market, said a report on Fortune magazine. (With inputs from agencies)

Another billionaire in Team Trump 2.0? Marc Rowan a top contender for treasury secretary

scott-bessent

Scott Bessent, News on Scott Bessent, stories on Scott Bessent, articles on Scott Bessent, Scott Bessent stories at Wion, Scott Bessent news, Scott Bessent latest news

scott bessent