China will make ‘substantial’ purchases of U.S. soybeans and should avoid an extra 100% tariff, Bessent says

Treasury Secretary Scott Bessent signaled on Sunday that the U.S. and China will significantly de-escalate their trade war under a framework he negotiated.

In an interview on CBS News’ Face the Nation with Margaret Brennan, Bessent said an additional 100% tariff that President Donald Trump threatened earlier this month is “effectively off the table,” along with China’s rare earth restrictions.

“So I would expect that the threat of the 100% has gone away, as has the threat...