- U.S. Treasury Secretary Scott Bessent stated that the United States has “aggressively pushed back” against China’s export controls.
- He confirmed “substantial communication” and a series of staff-level meetings with representatives from Beijing and allies, including India.
- Following his remarks, U.S. CFD indices gave back part of their earlier gains — the US500 is now up 1.00%.
- U.S. Treasury Secretary Scott Bessent stated that the United States has “aggressively pushed back” against China’s export controls.
- He confirmed “substantial communication” and a series of staff-level meetings with representatives from Beijing and allies, including India.
- Following his remarks, U.S. CFD indices gave back part of their earlier gains — the US500 is now up 1.00%.
Market optimism eased slightly after Treasury Secretary Scott Bessent said the U.S. had “aggressively pushed back” against China’s new export restrictions. While no firm retaliatory measures have been taken yet, the U.S. left open the option of acting “more aggressively” if necessary.
Nevertheless, Bessent emphasized continued dialogue, support from allies (including India), and confidence that tensions can be eased before the November 1 deadline. Investors viewed his tone as mixed, tempering earlier hopes for a quick resolution. His comments reinforced the view that both sides remain far from de-escalation, despite the planned Trump–Xi meeting later this month.
Bessent also added that the US government shutdown is starting to have a real impact on the US economy.
After his remarks, both U.S. and Chinese index futures retreated, erasing part of their intraday gains.
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