Treasury Secretary Scott Bessent told CNBC on Monday that China appears to be taking seriously the issue of curbing fentanyl entering the U.S. following trade negotiations.
President Donald Trump has levied 20% tariffs on China for its role in the American fentanyl epidemic, which will stay in place despite the U.S. substantially lowering other tariffs on the country following trade discussions in Geneva, Switzerland, NPR reported. Bessent, on “Squawk Box,” said that China including “their fentanyl expert” in the talks suggested the country truly intends to collaborate with the U.S. on the crisis.
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“This is a priority for President Trump and indeed the whole administration. I have a personal stake in this … Two very close friends lost children to this terrible scourge. Hundreds of thousands of Americans die every year,” Bessent said. “And I think that we saw here in Geneva that the Chinese are now serious about assisting the U.S. in stopping the flow of precursor drugs, because the Chinese brought their trade delegation, led by the vice premier.”
“But they also brought a deputy minister for security who was their fentanyl expert,” he continued. “We brought someone from our national security staff, and they had a very long and in-depth sidebar about how our two countries could work together.”
U.S. tariffs on China plunged from at least 145% to 30%, which includes a baseline 10% tariff and the 20% fentanyl tariff, according to NPR. The current level will remain for 90 days.
China also will lower its tariffs on the U.S. from at least 125% to 10%, according to NPR.
Moreover, Bessent announced in a Sunday White House statement that the Geneva trade talks with China were fruitful.
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“I’m happy to report that we made substantial progress between the United States and China in the very important trade talks,” he said. “First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we’ve seen.”
Tensions escalated between the U.S. and China after Trump announced on April 2 that America would levy reciprocal tariffs on numerous nations, including China. Trump on April 9 issued a 90-day pause on the reciprocal tariffs, imposing a 10% baseline tariff for all countries except China.
China’s manufacturing sector went from expansion to contraction following America’s 145% tariff on Chinese goods as the Purchasing Managers’ Index (PMI) fell below 50 in April, The Wall Street Journal reported.
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First published by the Daily Caller News Foundation.
