Bessent Has a ‘Grand Encirclement’ Plan for China
Treasury Secretary Scott Bessent, left, and Secretary of Commerce Howard Lutnick stand behind US President Donald Trump in the Oval Office this week.
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US Treasury Secretary Scott Bessent emerged from this week’s market ructions as a perhaps-unexpected lead trade negotiator, offering a potential scenario for the coming months: US deals with longstanding partners that put pressure on China.
“They’ve been good military allies, not perfect economic allies,” the former hedge fund manager said Wednesday of some of these US friends. At the end of the day, the Trump administration can probably reach an agreement with them. “Then we can approach China as a group,” he said.