US Treasury Secretary Scott Bessent on Wednesday touted US “levers” that he said could give the Trump administration an upper hand toward striking a broad trade deal with China.
The US and China are in the final stages of negotiations for a “huge” Boeing (BA) aircraft deal that could end up as a “centerpiece” of a broader trade agreement between the nations.
“We’re not without levers on our side. We have plenty of products that they depend on us for,” Bessent said on Fox Business. He noted aircraft engines and parts, along with certain chemicals and plastics and silicon ingredients.
Bessent’s comments came the day after US Ambassador to China David Perdue said Tuesday that China is finalizing a “huge order” of Boeing aircraft.
The US and China have made progress toward various contours of a broader deal following a Friday call between Trump and China’s President Xi Jinping. Trump said after that call that the countries had reached an agreement to spin off the TikTok app in the US, with the White House later naming Oracle (ORCL) as part of the consortium of investors.
In other China trade-related developments, Reuters reported that Chinese buyers have booked at least 10 cargoes of Argentine soybeans, dealing another blow to US farmers who have been shut out of their main market and hit by low prices.
Meanwhile, India has said it wants to increase purchases of oil and gas from the US, according to Commerce Minister Piyush Goyal. The move comes as India and the US have restarted talks toward a trade deal.
In the background, the Supreme Court is reviewing a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as this fall.
The tariffs at stake are the sweeping “reciprocal,” country-specific duties Trump has outlined in various steps this year (which you can see in the graphic above). Those duties range from 10% to 50%. Trump has used a 1977 law known as “IEEPA” — the International Emergency Economic Powers Act — to justify imposing the tariffs.
The appeals court allowed the tariffs to stay in place while the case moves through the legal process.
EU makes fresh push with US to revive talks on metals tariffs
The EU’s trade chief is looking to revive talks with the US on steel and aluminum tariffs. Maros Sefcovic said in an interview with Bloomberg on Wednesday that he will meet with US Trade Representative Jamison Greer this week to see if metals tariffs can be eliminated or significantly reduced.
India says it wants to purchase more US energy in bid to lower tariffs
India has said it wants to increase its purchase of oil and gas from the US, according to Commerce Minister Piyush Goyal.
The move may help to lower tariffs on New Delhi’s exports and also aid in securing a trade deal.
This latest news comes after as President Trump imposed 50% tariffs on India due to its purchase of Russian oil, which Trump said has aided the Ukraine war. It also follows Washingtons last week, where they slapped $100,000 fees on new H-1B visa used mainly by Indian tech workers.
Greer: US could finalize deals with Southeast Asian countries within weeks
US Trade Representative Jaimeson Greer said that trade deals with some Southeast Asian countries are expected within weeks as President Trump’s policies prompt a wave of efforts to try and lower tariffs.
Fed’s Powell: Tariff inflation has been ‘later and less’ than expected
Fed Chair Powell said Tuesday that businesses passing higher costs from tariffs on to consumers has been “later and less than we expected.”
Still, he noted that tariffs are driving up inflation “a bit” and that it’s something the central bank is watching closely as it balances inflation risks with risks to employment.
Much of the attention in discussions about the effects of tariffs has been focused on the rising cost of goods. However, Powell pointed out that US trade and economic policies may be affecting hiring decisions as well.
“Job creation has dropped very sharply. So why is that?” Powell said. “I think part of it just is there’s a lot of uncertainty about the direction of public policy, and so companies are holding off. They’re not hiring. And when you don’t hire through attrition, your labor force shrinks, and you save money that way.”
“That may be a way of passing on tariff costs,” Powell said.
Tue, September 23, 2025 at 11:15 AM UTC
Full impact of US tariff shock yet to come as growth holds up: OECD
The OECD warned on Tuesday that despite global growth holding up better than expected, the full extent of President Trump’s tariffs has yet to be seen.
US-China talks for ‘huge’ Boeing aircraft order in final stages
An order of 500 Boeing (BA) aircraft for China, years in the making, is currently in the final stages of negotiations. Some have said it could be the centerpiece of a trade agreement between the US and China.
US Ambassador to China David Perdue said an order could be just days away. He didn’t offer specifics but said, “This is a huge order.”
China floods the world with cheap exports after Trump’s tariffs
China’s export machine appears to be unstoppable right now. In the five months since tariffs have been introduced, China’s trade surplus is heading towards a record $1.2 trillion, as Beijing manufacturers refuse to be held back by President Trump’s trade war.
South Korea’s President Lee says US investment demands would spark financial crisis
South Korea’s President Lee Jae Myung told Reuters that if Seoul caves to US demands around tariffs and its $350 billion investment it could fall into financial crisis rivalling its 1997 meltdown.
Porsche shares plunge after delayed EV launch hits guidance
Shares in Porsche (PAH3.DE, P911.DE, POAHY) fell 6% on Monday after the German luxury sports carmaker paused rollout of its electric models due to weak demand and tariffs, which led to the company slashing its 2025 profitability outlook.
