Bessent says U.S.-China trade truce is "working pretty well"

The Trump administration is "very happy" with the current China tariffs agreement, Treasury Secretary Scott Bessent said Tuesday.Why it matters: Bessent's comments on Fox News indicate a thawing of previously icy relations with China's ruling Communist Party ahead of the trade truce between the world's largest economies expiring on Nov. 10.The U.S.-China trade war had seen tit-for-tat tariffs imposed, leaving businesses and investors in a cycle of uncertainty.Driving the news: Fox News' Laura Ingraham asked Bessent when he expected to see movement on the China talks after both nations agreed last week not to impose previously threatened higher levies."China is, right now, the biggest revenue line in the tariff income," Bessent said."If it's not broke, don't fix it. We have had very good talks with China. I imagine we'll be seeing them again before November," he said."They have started shipping the rare earth magnets, which we agreed to. We had put some countermeasures on them that we've taken off. So I think right now the status quo is working pretty well."Context: The original deal lowered U.S. tariffs on Chinese goods to 30% from 145% and restarted the flow of crucial rare earth minerals out of China, per Axios' Courtenay Brown and Ben Berkowitz.What we're watching: Secretary of State Marco Rubio has said there's a "strong desire" on both sides for President Trump and Chinese leader Xi Jinping to hold a meeting, though no date has been set as yet.More from Axios: Customers look set to bear the tariff cost burdenAmerica starts to feel the squeeze: What we know about tariffs and inflation

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