by John Carney at Breitbart
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,..
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Treasury Secretary Scott Bessent Also Had This to Say to the Banker’s Association
Continue ReadingFor the last four decades, Wall Street has grown wealthier than ever before. And it can continue to grow and do well. But for the next four years, it’s Main Street’s turn.
It’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment. And it’s Main… pic.twitter.com/lMMO4Davhz
— Secretary of Treasury Scott Bessent (@SecScottBessent) April 9, 2025