Treasury Secretary Scott Bessent was on “Fox News Sunday” to discuss President Trump’s use of tariffs. He was also optimistic that the Supreme Court would side with President Donald Trump on emergency tariffs.
“What did and didn’t get accomplished when Presidents Trump and Xi met face to face?” Bream asked.
“What do you make of his characterization of what happened in China?” Bream referencing Rep Hakeem Jeffries’ inaccurate comments on President Trump.
“I think it’s ignorant, and I think it’s kind of sad he has no idea how ignorant he is, because I was in the room and I can tell you I was there for the President’s entire trip and it was a tour de force,” Bessent said.
“The President went into Malaysia, signed trade deals, peace deals with Thailand and Cambodia,” Bessent said.
“We moved onto Japan. The President and the new Prime Minister of Japan had great chemistry,” Bessent continued.
“The meeting with President Xi was one of great respect and many accomplishments,” Bessent said.
“What do you make of their characterization of you?” Bream asked regarding a Washington Post article referencing Chinese negotiators that may have upset him.
“Highly inaccurate and look we saw that Chinese manufacturing has been down for 7 months in a row. So, let’s do the math. The liberation day, April 2nd. Where are we today? November 2nd, seven months. Chinese manufacturing has been down every month,” Bessent said.
“Their trade with Europe is up 10 percent, but it’s all discounted. They’ve depreciated their currency and the Chinese economy, they are in the middle of a real estate crisis,” Bessent continued.
Secretary Bessent also talked about the rare earth minerals and explained that it has been a problem for many decades, and that the administration is working hard to become more independent in that area.
“We are going to be moving at warp speed,” Bessent said.
“We didn’t get here in a year. This is a problem that has been with us for several decades. It’s never been addressed with the rare earths. The rare earth magnets. The Chinese have cornered the market,” Bessent said.
“You’ve lost in the lower courts so far. How do you game up on Tuesday’s or Wednesday’s argument?” Bream asked about the upcoming Supreme Court hearing for tariffs.
“I’m quite optimistic, and Shannon what I can tell you is that because of what the Chinese did on October 8th of threatening to put export controls on any rare earth products that they produced that had .01 percent of rare earth produced in China, that they were gonna try to control those and the President was able to push back,” Bessent said.
“If that’s not use of an emergency power at an emergency time, I don’t know what is,” Bessent explained.
“Then we go back to the Spring. This terrible fentanyl crisis. It’s an emergency,” Bessent continued.
Watch:
WATCH: @SecScottBessent tells Fox News Sunday he is “quite optimistic” the Supreme Court will side with the Trump administration’s claim of emergency powers in use of tariffs. pic.twitter.com/qbyfAhvTDB
— Fox News Sunday (@FoxNewsSunday) November 2, 2025
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