The next is the transcript of the interview with Treasury Secretary Scott Bessent that aired on “Face the Nation with Margaret Brennan” on Oct. 26, 2025.
MARGARET BRENNAN: We start this morning with Treasury Secretary Scott Bessent, who’s touring with President Trump. He joins us from Kuala Lumpur, Malaysia. Good night to you.
TREASURY SECRETARY SCOTT BESSENT: Margaret, good to talk to you.
MARGARET BRENNAN: You’ve been negotiating immediately with the Chinese language. You mentioned right this moment a truce might have been reached. The risk on the desk was a 155% tariff on China. The President mentioned that will be efficient November 1. Is that off the desk? What are the phrases?
SEC. BESSENT: Margaret, I believe we had an excellent two day assembly. I might imagine that the- so it will be an additional 100% from the place we are actually, and I imagine that that’s successfully off the desk. I am not going to get forward of the 2 leaders who will probably be assembly in Korea on Thursday, however I can inform you we had an excellent two days. So I might anticipate that the specter of the 100% has gone away, as has the specter of the rapid imposition of the Chinese language initiating a worldwide export management regime.
MARGARET BRENNAN: That export management on uncommon earths, which is utilized in all kinds of electronics and vehicles. That will probably be lifted?
SEC. BESSENT: Nicely, it was by no means imposed, so that they threatened to impose it in December, and President Trump, to present me and the commerce workforce leverage, determined that it will be a good suggestion for him to threaten a 100% extra tariff, and it did give us an excessive amount of leverage. President Trump’s excellent at creating leverage for us. That is the fourth meeting- excuse me, the fifth assembly that we have had with the Chinese language. My Chinese language counterpart is the Vice Premier, He Lifeng, so we had an excellent two days. We mentioned all kinds of points, from the uncommon earth- from the uncommon earth magnets to commerce, to substantial purchases of American agricultural merchandise, to the Chinese language serving to us on this fentanyl disaster that we now have within the US.
MARGARET BRENNAN: On the purchases of American items. American farmers have been hit exhausting by China’s boycott of American soybeans that went into place after the tariff warfare started right here. The administration is pumping at the least $3 billion in monetary support to farmers to assist make them complete, or at the least offset the ache. Can farmers anticipate to promote their soybeans to China once more and when?
SEC. BESSENT: Margaret, I am not going to provide the particulars right here, however I can inform you that the soybean farmers are going to be extraordinarily pleased with this deal for this 12 months and for the approaching years.
MARGARET BRENNAN: A number of weeks in the past, there was a photographer who snapped a photograph of you texting with the agricultural Secretary about this. She indicated concern in regards to the unintended harm to American farmers from the U.S. monetary lifeline being given to Argentina as a result of that nation was in a position to promote extra to China, that gave Beijing leverage over the USA. Is that leverage nonetheless an issue right this moment?
SEC. BESSENT: Nicely, first- initially, the textual content from Secretary Rollins was talking- speaking about a purchase order of soybeans that the Chinese language did and Margaret, these soybeans had been at all times going to get bought. They simply did it at a time when the Argentines had lifted their export taxes. So those- these soybeans, had been at all times going to be in the marketplace. It is a international market. The three main suppliers are Brazil, Argentina and the U.S. And I imagine that we now have introduced the market again into equilibrium, and I imagine that the Chinese language will probably be making substantial purchases once more.
MARGARET BRENNAN: So that you dispute the concept America harm itself by giving this $20 billion lifeline to Argentina? Are you able to assure Individuals, they’re going to be made complete on that?
SEC. BESSENT: Margaret, I can inform you that the Change Stabilization Fund has by no means misplaced cash. It is not going to lose cash this time. And we’re not giving cash to Argentina. It’s a swap line, which the U.S. has carried out many occasions previously, and we have by no means misplaced cash
MARGARET BRENNAN: On the Chinese language, I noticed that you just talked about TikTok was mentioned. Are the small print of the President’s Government Order, launched in September, are these finalized? Has China agreed to surrender management of the algorithm that determines what customers see?
SEC. BESSENT: Margaret, we reached a closing deal on TikTok. We reached one in Madrid, and I imagine that as of right this moment, all the small print are ironed out, and that will probably be for the 2 leaders to consummate that transaction on Thursday in Korea.
MARGARET BRENNAN: Are you able to inform us any particulars of that transaction?
SEC. BESSENT: Margaret, I am not a part of the business facet of the transaction. The- my, my remit was to get the Chinese language to conform to approve the transaction, and I imagine we efficiently achieved that over the previous two days.
MARGARET BRENNAN: Over the previous two days, did the U.S. make any concessions right here past what we mentioned with the tariffs? Are you dropping restrictions on exports of, for instance, semiconductor chips, or restrictions on Chinese language funding in the USA?
SEC. BESSENT: There have been no, no modifications via- in our export controls.
MARGARET BRENNAN: When presidents Xi and Trump are in a position to communicate on Thursday. Do you imagine that the president’s place right here, his skill to barter a take care of China, goes to be harm by the truth that he is been unable to get a deal right here at house, to reopen the US authorities?
SEC. BESSENT: Nicely, look, I do not suppose it should, I do not suppose it should harm. It is a international embarrassment what these Democratic senators are doing, keep- maintaining the federal government shut down. I imply, have a look at the numbers. It is 52-3, 52 Republican senators, three Democratic senators have come throughout the road. So I simply suppose it is a humiliation, would not have an effect on his skill on the worldwide stage. Now what it does have an effect on, it is beginning to have an effect on the financial system. It is beginning to decelerate air site visitors. And I might urge reasonable Democrats to be heroes, come throughout the aisle, like they did within the spring, and move a clear CR.
MARGARET BRENNAN: A unbroken decision simply to fund the federal government with none add-ons. Does that imply when the President comes again to the USA, he’ll summon congressional leaders to the White Home to finish what you name the worldwide embarrassment?
SEC. BESSENT: I do not know what good it does to summon them to the White Home. This can be a Democratic-led boycott, and I am simply unsure what they’re doing. What’s modified between now and March apart from Chuck Schumer’s ballot numbers? And I believe Hakeem Jeffries is now going to be primaried from the left, and I did not suppose there was lots of room over there. So each of them are frightened about their primaries, and never the American folks, not the federal government workers, not our army workers, as a result of we had been in a position to pay the army workers from extra funds on the Pentagon, center of this month. I believe we’ll be capable of pay them starting in November. However by November 15 our troops and repair members who’re keen to danger their lives aren’t going to have the ability to receives a commission. What a humiliation.
MARGARET BRENNAN: Understood. We’ll speak to Hakeem Jeffries later in this system. I wish to ask you about what the President simply introduced in regard to Canada. Right now, the President mentioned he desires to boost tariffs on Mexico. Yesterday, he mentioned he’ll elevate tariffs on Canada by 10%. He blames what he referred to as a fraudulent advert that featured Ronald Reagan advocate- advocating free of charge commerce. It was put up by the province of Ontario. Is that this advert actually the difficulty right here, or is it only a tactic on this negotiation? Does the President need the USMCA free commerce deal renegotiated, or is he trying to do two separate offers, one with Canada, one with Mexico?
SEC. BESSENT: Quite a lot of questions there, Margaret, however let’s go to the primary one. I’ve learn that the province of Ontario is spending as much as $75 million on these commercials, and it is propaganda coming throughout our border to decry the tariffs. So the Premier of Ontario appears to have come off the rails just a little. He has taken the adverts down. However what is the objective of that apart from to attempt to sway U.S. public opinion? We have seen the- I am certain the- you at your community have decried election interference. Nicely, that is interference in U.S. sovereign issues.
MARGARET BRENNAN: However is it actually the premise for damaging negotiations with a high buying and selling accomplice?
SEC. BESSENT: Nicely, it is clearly broken our relationship the- with essentially the most populous province in Canada.
MARGARET BRENNAN: In the case of inflation right here at house, the president mentioned it has been defeated. However as , that core inflation edged as much as 3% in September, lower than forecast, hotter than August. However for folks at house, they’re seeing costs nonetheless excessive on furnishings, power, gardening, garden care, attire. Do you anticipate these items to chill off and when?
SEC. BESSENT: Nicely, it’s cooling off as a result of the core inflation quantity that you just referenced was 0.2% which is down the- from the earlier sequence over the earlier months. And also you listed the issues which can be up, however we’re seeing loads of issues which can be down, whether or not it is power and rents. Inflation is a composite quantity, and I believe we’re on a glide path to decrease inflation over the approaching months.
MARGARET BRENNAN: Decrease inflation, however not essentially that Individuals will go searching and issues have gotten cheaper.
SEC. BESSENT: Margaret, once more, there’s affordability after which there may be inflation. So a few of the issues that may get cheaper, hire has gotten cheaper, mortgages have gotten cheaper. We’re at, I imagine, an 11 or 12 month low on mortgage charges.
MARGARET BRENNAN: Mr. Secretary, earlier than I allow you to go, I wish to ask you, the U.S. sanctioned Russia’s high oil and gasoline firms this previous week, however Vladimir Putin’s envoy, who’s right here in the USA, Kirill Dmitriev, I do know him, mentioned the sanctions can have, quote, “completely no impact on Russia’s financial system. They are going to merely result in larger costs at gasoline stations in the USA.” Is Dmitriev unsuitable? And when will Russia truly really feel the ache?
SEC. BESSENT: Nicely, I believe Russia goes to really feel the ache instantly. I can inform you that we have already seen India has carried out an entire halt of Russian oil purchases. Lots of the Chinese language refineries have stopped. And Margaret, are you actually going to- the- publish what a Russian propagandist says? I imply, what else is he going to say? That oh, it should be horrible, and it should carry Putin to the desk. After all- the Russian financial system is a wartime financial system. Progress is just about zero. Inflation, I imagine, is over 20% and the whole lot we do goes to carry Putin to the- to the desk. It is oil that funds the Russian warfare machine, and I believe we will make a considerable dent in his earnings.
MARGARET BRENNAN: I understood, you had some competing noise there, however simply to be clear, Dmitriev is in the USA as a result of sanctions were- had been lifted on him to conduct conferences right here, together with with President Trump’s envoy, Steve Witkoff. Whenever you say he is a propagandist, do you imply that we should not hearken to something he says?
SEC. BESSENT: I- what do you- what do you suppose goes to occur to him if he goes again house and says the- the- good lord. What if he had mentioned on TV, that is horrible, President Trump simply did the proper factor. This can be a most strain marketing campaign that is going to work. Margaret, what’s he going to say? After all, he’ll say this. In the event you undergo and have a look at each Russian speaking level, they appear to make use of the phrase, we now have immunized the financial system in opposition to this. Nicely, they have not immunized the financial system. Their oil earnings are down 20% 12 months over 12 months. I might suspect that this might take them down one other 20 or 30%. So once more, President Trump was criticized for not doing sufficient. He takes his daring maneuver, and then you definately’re quoting a Russian propagandist.
MARGARET BRENNAN: All proper, we’ll depart it there with you, Mr. Secretary. I do know you have had a protracted day. Thanks in your time.
SEC. BESSENT: Thanks.
MARGARET BRENNAN: ‘Face the Nation’ will probably be again in a single minute. Stick with us.
