US Treasury Secretary Criticizes China's Oil Stockpiling, Export Curbs

U.S. Treasury Secretary Scott Bessant criticized China's behavior as an unreliable global partner, citing its stockpiling of oil and restrictions on exports of certain items during an international crisis. Bessant pointed out that China stockpiled oil and restricted exports of specific goods amidst the Middle East conflict, stating China was not a trustworthy global partner during the war. He added that China's oil purchases pose a greater threat to Asia than to the United States.

Bessant mentioned that he had discussed the issue with China. He stated that the working relationship between U.S. President Donald Trump and Chinese President Xi Jinping is very good, and attributed the significant stability in bilateral relations since last summer to the relationship between the two leaders.

Regarding the timing of interest rate cuts, Bessant said, "We have to do it at some point, but for now, we need to watch the situation." He argued that it is appropriate for the Federal Reserve to wait until its nominee for the next Fed Chair, former Governor Kevin Wash, receives Senate confirmation, and that Wash should lead the next monetary policy adjustment cycle.

Bessant revealed that President Trump has not currently opted to increase the 10% tariff imposed under Section 122 of the Trade Act to 15%.