Official announcements from the U.S. Treasury or Trade Representative

Trump Treasury Nominee Bessent, Backed by Senator Todd Young, Commits to Enforce 2020 China Trade Deal and Review U.S. Steel-Nippon Steel Merger

Jan 16, 2025, 05:18 PM

Scott Bessent, the Treasury nominee for President Trump, expressed his commitment to addressing economic manipulation by foreign countries during his confirmation hearing. Bessent stated that if confirmed, he would advocate for the enforcement of China’s commitments under the Phase 1 trade deal established by Trump in 2020, emphasizing the need for a 'catch up provision' for unmet agricultural purchases. He also addressed the potential review of the U.S. Steel-Nippon Steel merger by the Committee on Foreign Investment in the United States (CFIUS), asserting that the panel would conduct the same review as before. Senator Todd Young (R-Indiana) questioned Bessent on the impact of tariffs on local farmers and whether he would commit to an impartial review of the merger if it were to come before the committee again. Bessent's responses highlighted the complexities of balancing national security interests with economic impacts on rural voters and farmers, particularly in Indiana, who have been affected by tariff retaliations.