Bessent: We need a decoupling with China for strategic requirements

• We are going to protect our steel, semiconductor industries, selected medicines
• Believe China is now serious about halting fentanyl flows into the US
• We have a mechanism in place to avoid upwards tariffs pressure
• We want American businesses to be able to sell to China
• I imagine we will meet (with China) again in the next few weeks
• We got a lot done over two days
• Will see what we can do on non-tariff barriers

Well, earlier in the day he said that neither side are interested in decoupling. So, yeah. In any case, any real intentions will be buried by the wave of optimism across markets right now as both sides seek de-escalation. But for China, they certainly got a lot out of it by just deciding to sit down for a chat. Either way, it’s still a positive for markets and the global economy.

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