U.S. Treasury Secretary Scott Bessent stated on Tuesday that he is “very happy” with the current tariff arrangement the United States has with China. In an interview with Fox News, Bessent said the status quo was “working pretty well” and that the high tariffs were generating significant revenue.
“We’re very happy… we’re at 50–55% tariffs on China, by far the largest line of tariff revenue… so, if it’s not broke, don’t fix it,” Bessent said. He also hinted at ongoing diplomatic engagement, adding, “We have had very good talks with China. I imagine we’ll be seeing them again before November.”
Bessent’s remarks came as President Donald Trump recently extended the deadline for the current tariffs on Chinese imports by 90 days. The deadline, which was set to expire on August 12, has now been pushed to November. The U.S. currently imposes a 30% tariff on Chinese imports, which includes a 10% base rate and an additional 20% related to fentanyl.
The Treasury Secretary’s comments also followed a separate interview with CNBC, where he sharply criticized India for its purchases of Russian oil. Bessent accused India of “profiteering” and “making billions” from the reselling of cheap Russian oil, calling the practice “unacceptable.” He claimed that India’s oil trade was primarily benefiting “India’s richest families” and that 42% of the country’s oil imports came from Russia. In contrast, he defended the U.S. decision to not impose similar tariffs on China, stating that Beijing has “diversified oil imports.”
Meanwhile, a Reuters report stated that China’s crude oil imports from Russia increased by 16.8% in July compared to the previous year, making Russia its biggest supplier for the month.
The ongoing trade tensions have also impacted U.S.-India relations. President Trump recently announced additional 25% tariffs on Indian imports, which received backlash from the Indian government. The government’s response stated that the U.S. was acting against New Delhi for “actions that several other countries are also taking in their own national interest.”