US Treasury Secretary Scott Bessent said the current tariff level on China is “obviously a floor,” with a process in place to avoid further escalation as he discusses the US and China temporarily lowering tariffs on each other’s products. Bessent also addressed the potential for talks between Presidents Donald Trump and Xi Jinping and offered an update on Asia trade negotiations and his outlook for the tax bill and deregulation by the end of the year. He spoke on “Bloomberg Surveillance.”