China 'ignored their obligations' under Biden: Bessent

Treasury Secretary Scott Bessent said the Chinese Communist Party did not follow through on its previous trade deal with the United States because the Biden administration did not hold up its end of the deal.The U.S.’s recent trade deal with China included negotiations such as “tariffs, nontariff trade barriers, currency manipulation and subsidies of labor and capital,” Bessent said on Bloomberg Surveillance on Monday.China was an outlier among foreign countries facing tariffs. However, the 145% initial tariff President Donald Trump placed on it has since been reduced to 30%.“In January 2020, President Trump produced a template. We had an excellent ..