Treasury chief says 'possible' to rebalance US-China economic ties

U.S. Treasury Secretary Scott Bessent said Wednesday it was possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations" after two days of talks in London to cool tensions.
"If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways and Means Committee.
AFP

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

LBCI

11 hours ago

• LBCI

Europeans urged Iran to talk 'without awaiting' end to Israel strikes: France FM

European powers on Friday urged Iran to hold nuclear talks "without awaiting" an end to Israeli air strikes on the Islamic republic, French Foreign Minister Jean-Noel Barrot said. "We invited the Iranian minister to consider negotiations with all sides, including the United States, without awaiting the cessation of strikes, which we also hope for," he said after he and his British, German and EU counterparts held talks with Iranian Foreign Minister Abbas Araghchi in Geneva. "It is illusory and dangerous to want to impose a regime change from the outside. It is up to the people to decide their own destiny," Barrot added, after Israeli Prime Minister Benjamin Netanyahu did not rule out killing supreme leader Ayatollah Ali Khamenei. AFP

LBCI

13 hours ago

• LBCI

US sanctions target those providing Iran with 'defense machinery,' Houthi oil trading

The Trump administration said on Friday it had issued fresh Iran-related sanctions targeting eight entities, one vessel and one person for their alleged role in providing sensitive machinery for Tehran's defense industry. "The United States remains resolved to disrupt any effort by Iran to procure the sensitive, dual-use technology, components, and machinery that underpin the regime's ballistic missile, unmanned aerial vehicle, and asymmetric weapons programs," U.S. Treasury Secretary Scott Bessent said. "Treasury will continue to degrade Iran's ability to produce and proliferate these deadly weapons, which threaten regional stability and global security," he added in a statement announcing the action. Two of the entities include shipping companies based in Hong Kong: Unico Shipping Co Ltd and Athena Shipping Co Ltd, the statement said. The Treasury Department on Friday also issued counterterrorism-related sanctions targeting Yemen's Houthis over alleged illicit oil trading and shipping, it said in a separate statement. Those sanctions target four individuals, 12 entities, and two vessels over imported oil and other illicit goods to support the Houthis, the department said. Reuters

LBCI

13 hours ago

• LBCI

Two weeks, one choice: Can diplomacy stop a US-Iran clash?

Report by Toni Mrad, English adaptation by Karine Keuchkerian Two weeks—or a fortnight. It seems this isn't the first time U.S. President Donald Trump has given a two-week deadline. This time, he needs it to decide whether to enter the war against Iran directly. But why did Trump grant a two-week deadline? According to some observers, he chose this specific time frame—not shorter—to give diplomacy enough time to work. Trump is trying to send a message: he does not rush into decisions about war but rather gives diplomacy priority before resorting to military action. According to Reuters, U.S. envoy Steve Witkoff held several calls with Iran's Foreign Minister Abbas Araghchi in an attempt to reach a diplomatic solution to the crisis. They also discussed a U.S. proposal to establish a regional consortium—including Iran and Saudi Arabia—that would enrich uranium in a neutral third country under international supervision to ensure the peaceful nature of Iran's nuclear program. Tehran has so far rejected the proposal, preferring that the consortium be based on its own soil. Araghchi, however, denied that the call even took place. If diplomacy fails, the military option moves to the forefront. The two-week deadline could be enough time to complete military preparations, including the deployment of U.S. assets to the region. According to Politico, if Washington decides to strike only the Fordow Fuel Enrichment Plant, the situation might be contained and escalation avoided. But if the U.S. opts for broader strikes, Iran faces two choices: return to the negotiating table or escalate by targeting oil facilities belonging to Washington's allies and potentially closing the Strait of Hormuz. Still, Politico notes that military force alone cannot eliminate Iran's ability to produce a nuclear weapon. That would require an agreement with Tehran. In the end, all options remain on the table during these two weeks. The deadline ends July 3—just one day before the U.S. Independence Day.