Those economic fears have pressured #Trump into seeking a deal w/ #China.
After roughly 7 hours of talks on Saturday, the #US said it would not release any formal statement about the proceedings.
…#Treasury Secy #ScottBessent & #JamiesonGreer, the US #Trade Rep, are leading the talks for Washington. For Beijing, the negotiations are being led by He Lifeng, China’s vice premier for #EconomicPolicy.
#Treasury Secretary Bessent says that trade negotiations with #China will begin on Saturday. #Tariff hardliner Peter Navarro will not be part of the negotiating team. https://www.reuters.com/world/us-treasurys-bessent-says-china-negotiations-start-saturday-without-navarro-2025-05-07/
#JDVance said the #trade situation w/ #China was not sustainable. He said “Liberation Day”was only 30 days ago, & “we are in the early innings” of negotiations.
#Treasury Secy #ScottBessent, speaking at a #House hearing on Wednesday, declined to say which countries are close to reaching trade agreements w/the US & said that the deals would initally be agreements *in principle* that would be finalized in the coming months.
https://www.alojapan.com/1267708/metaplanet-3350-buys-another-555-btc-plans-to-issue-25m-of-bonds-to-buy-more/ Metaplanet (3350) Buys Another 555 BTC, Plans to Issue $25M of Bonds to Buy More #bitcoin #BondIssue #Japan #metaplanet #news #Tokyo #TokyoNews #treasury #東京 #東京都 Japanese investment firm Metaplanet (3350) said it will sell a second $25 million of bonds to EVO FUND to fund further purchases of bitcoin (BTC). The Tokyo-based company agreed to issue the debt only days after selling the same amount of bonds to the same buyer. The bonds, which wi…
It’s hard to imagine anyone more uncomfortable than Scott Bessent.
What’s it like to destroy yourself in public, Scott?
“Who pays #tariffs Mr. Secretary?”
During a congressional hearing on Tuesday, Rep. Mark Pocan (D-WI) was clearly unsatisfied w/the stumbling nonresponse from #Treasury Secy #ScottBessent.
#Bessent stammered, eventually telling #Pocan, "It's a very complicated question."
Hmmm. Is it really?
"Japan could use its $1 trillion-plus holdings of U.S. Treasuries as a card in trade talks with Washington, its finance minister said on Friday"
https://www.reuters.com/markets/asia/japans-us-treasury-holdings-among-tools-trade-talks-finance-minister-kato-says-2025-05-01/
#Treasury #USA #Japan #Tariffs #Trade
https://www.alojapan.com/1263514/japans-kato-says-us-treasury-holdings-could-be-negotiation-card/ Japan’s Kato Says US Treasury Holdings Could Be Negotiation Card #bloomberg #Japan #JapanNews #JapanTopics #KatsunobuKato #news #treasury #TreasuryHoldings (Bloomberg) — Supply Lines is a daily newsletter that tracks global trade. Sign up here. Most Read from Bloomberg Japan’s Finance Minister Katsunobu Kato said the country’s US Treasury holdings could be a card in its trade talks with Washington, referring to the largest stockpile of US deb…
Day 32 
Things are coming in thick and fast today, so I’ll try to summarise the major themes.
No Policies of the #Liberal, #LNP and #Coalition.
#AngusTaylor (Opposition Treasurer, Liberal) hands in his #Economics homework late, it’s got problems.
A 
derivative that is toxic 
“A Coalition government would drive the #budget deeper into #deficit over the coming two years, as the shadow finance minister, #JaneHume, insisted her party’s plan to save $17.2bn by #slashing the number of #Canberra-based #PublicServants by 41,000 through “natural attrition” was achievable.”
If returned to power, the Coalition would gut a long list of environment and clean energy programs, including #scrapping the #NetZero #Economy #Agency, reversing Labor’s #TaxBreaks for #ElectricVehicles, and redirecting money slated for the #HomeBatteries program.
#Reversing tax incentives for green hydrogen would save $1.5bn over four years, and not proceeding with Labor’s critical mineral production tax credits would save $1.2bn, the Coalition’s election policy costings show.”
#AusPol / #treasury / #costings / #economy / #future <https://www.theguardian.com/australia-news/2025/may/01/coalition-costings-federal-election-promises-larger-deficit-cut-foreign-aid-environment-clean-energy>
And nobody’s better at destroying his own credibility than Scott Bessent.
Treasury Secretary Scott Bessent defends the 'strategic uncertainty' of Trump's trade talks: 'Nobody's better at creating this leverage'
https://www.businessinsider.com/scott-bessent-trump-tariffs-trade-strategic-uncertainty-2025-4
Bessent Does Not Back Up Trump’s Claim of Trade Talks With China’s Xi
https://www.nytimes.com/2025/04/27/us/politics/bessent-trump-xi-tariffs.html?unlocked_article_code=1.C08.pkc4.enZoZJUreWWo&smid=url-share
Yale classmates warn Trump Treasury Secretary Bessent he risks enabling descent ‘into fascism’
https://www.cnbc.com/2025/04/25/yale-treasury-scott-bessent-trump-fascism-us.html
Nobody ever reimburses national debt. Sovereign states restructure it.
“The U.S. government is not like a household. It is the issuer of the currency. It doesn’t need to ‘get’ money from anyone else—not from taxpayers, not from China.”
– Stephanie Kelton (economist, former US Senate Budget Committee Chief Economist)
Is borrowing a burden on future generations?
No, it's not: if the borrower is a nation-state, then no person (children or taxpayers) will be asked to repay.
“Paying off the debt” is just the sovereign swapping Treasury securities (savings) for cash. No burden is passed on to persons.
“It was like an aspiration for most the world. And we’re eroding that #brand right now,” #billionaire #KenGriffin said.
Griffin, founder of one of the largest hedge funds in the world, said that traders are concerned about parking their investments in the #UnitedStates — particularly US #Treasury #bonds — because #Trump’s #tariffs have destroyed faith that America will remain a TRUSTED & RATIONAL actor in global financial markets.
This interview/writing is quite something. A deep dive into the financial workings of the USA, and also to the volatility caused by the current administration. Excellent (but long) reading. Not happy reading, but essential for understanding current situation...
The NYT’s report added that the next acting #IRS chief is expected to be the dpty secy of the #Treasury, Michael Faulkender. If that proves true, he’ll be the 5th person to serve as the IRS’ leader in the last 3 months. #Chaos
In Jan, then-IRS Commissioner Danny Werfel, who was nominated by #Biden, resigned on Inauguration Day as #Trump prepared to replace him. Werfel was followed by Doug O’Donnell, a longtime IRS ofcl, who stepped down 1 month later.
But to fully appreciate just how #ridiculous conditions have become at the #IRS, consider the revolving door in the commissioner’s office. NYT reported:
The acting commissioner of the IRS is being replaced after #Treasury Secy #ScottBessent complained to #Trump that the latest leader of the agency had been installed without his knowledge & at the behest of billionaire #ElonMusk.
♬ 
into the 
