The US Secretary of the Treasury, Scott Bessent, was interviewed by the media on Friday, April 24. Apart from maintaining optimism about the future of the US economy, he also shared his views on a series of core issues such as the upcoming Beijing summit, US-China relations, and artificial intelligence.
Bessent, a key figure in the Trump economic team, admitted that although President Trump has many grand goals, the most pressing challenge currently is posed by the Chinese Communist Party (CCP). He emphasized that the competition between the US and China in the field of artificial intelligence (AI) will determine the outcome, stating that if the US loses in AI, then it’s “game over.”
According to a report by The Wall Street Journal, Bessent mentioned in the interview that Trump has grand goals such as building a magnificent banquet hall, a giant arch, sending political enemies to prison, winning the Nobel Peace Prize, etc. However, the most crucial goal is to make the US economy “roar ferociously” so that it is acknowledged as the strongest financial power in history. Among the various challenges faced by the White House, the CCP is identified as the most urgent challenge.
Regarding the future of US-China relations, the Treasury Secretary put forth the core principle of “managing risks without unhooking,” suggesting that US-China trade can continue, American businesses will still operate in China, and the US will continue to export agriculture, energy, financial services, and software to China. However, in key areas such as critical minerals, pharmaceuticals, and semiconductors, the US must achieve meaningful independence.
Addressing the current bottleneck in rare earth minerals that Beijing poses, Bessent mentioned that they are well ahead of the plan in tackling the issue and expect significant progress every nine months, aiming to fully resolve it within approximately four years.
Regarding the upcoming meeting between Trump and Chinese Communist Party leader Xi Jinping, he stated that the goal of the “Trump-Xi summit” is to stabilize relations, prevent escalations of conflicts, and maintain predictability in the relationship.
Bessent noted that the US and Chinese leaders are expected to meet at least four times this year, including the Beijing summit, Xi Jinping’s state visit to the White House in September, the Asia-Pacific Economic Cooperation (APEC) summit in November, and the G-20 summit in Doral, Florida, in December.
He emphasized that maintaining stability is essential for keeping the relationship smooth, akin to routine matters. Bessent highlighted the need for minimal variations because everything has been prearranged. The control between viewing China as a crucial adversary and a predictable opponent permeates the entire strategic orientation.
With Trump’s return to the White House and the announcement of adjustments to unfair trade relations, the dispute between the US and China surrounding tariffs has escalated nearly in all aspects and is on a spiraling upward trajectory.
As the tariff dispute intensifies, Beijing has resorted to non-tariff measures, including restrictions on rare earth magnets exports, in an attempt to choke the US. Washington, in response, has implemented measures such as data control, technological restrictions, and regulations on student visas.
Regarding the escalating public confrontations between the US and China, Bessent nonchalantly remarked, “We have chips, whether it’s aircraft engines, silicon, or Chinese students studying abroad. These truly irritate them.”
During the interview, Bessent evidently expressed limited hope for Beijing proactively abandoning the confrontational approach with the US in pursuit of peaceful development and fair competition. He delved into a profound analysis of the Chinese mentality from historical and civilizational perspectives, suggesting that they do not harbor a modern societal mentality.
He remarked, “They still believe they are the heavenly kingdom. I think they want to return to the grandeur of being a great power where nations pay tribute.” He noted that in Beijing’s eyes, there are “never allies, only vassal states.”
Bessent indicated that this mindset is not geared towards fostering benign competition but rather will inevitably lead to strategic maneuvers and a clear stance of mutual distrust. He implied that the concept of “peaceful coexistence” may only be a temporary détente.
Bessent openly expressed strategic vigilance towards the CCP. He pointed out that the CCP “never has allies, only vassal states,” and its involvement in international multilateral institutions aims to “influence them after joining” with a focus on hard power rather than soft power.
He stated, “We founded the World Bank and the International Monetary Fund, while China (the CCP) just wants to join these institutions and influence them. They have also established the ‘Belt and Road’ initiative and the Asian Infrastructure Investment Bank. But I think the difference lies in the fact that we are more driven by considerations of soft power, whereas they are more focused on hard power.”
Bessent also revealed that AI will be officially added to the agenda for the first time at the Beijing summit between the two leaders.
He expressed a sense of urgency regarding AI issues, emphasizing that “if we lose in the field of artificial intelligence, then it’s game over.”
The Treasury Secretary believes that the time frame for AI technologies to comprehensively redefine human life is only “a year, maybe eighteen months.”
He also disclosed that a high-level panel has been established within the US government to evaluate the capabilities and vulnerabilities of AI models regularly, with the primary concern being the potential misuse of biometric data to create a threat “ten times more severe than the COVID-19 virus.”
He stressed that both the President and Vice President Vance are personally overseeing this issue.
In terms of domestic tax issues, Bessent is more concerned about distribution effects rather than tax rates, with a core indicator being whether the lower 50% of wage earners benefit from it.
Citing Treasury data, he stated that during Trump’s first term, the income growth of the low-income group exceeded that of the top 10% wealthy individuals, and the government is currently working to replicate this trend.
He mentioned that while the broad dividends benefiting the public have been temporarily delayed due to war-related impacts, they are expected to be realized starting from the third quarter of 2026.
Regarding energy, Bessent believes that the situation of rising oil prices due to the conflict in Iran is self-correcting, as high prices will stimulate production and subsequently lower prices.
He also emphasized that rebuilding domestic manufacturing capabilities in the US, including chips and advanced manufacturing industries, is crucial for enhancing national resilience.
In terms of bank supervision, Bessent frankly stated that the regulations following the 2008-2009 financial crisis have had counterproductive effects, leading to the elimination of small banks and the consolidation of large institutions, resulting in a distorted pattern from “too big to fail” to “too small to succeed.”
As for his future plans, Bessent mentioned that following his term, he intends to work in private companies focusing on supply chains, military preparedness, AI policies, and financial regulation. He explicitly ruled out the possibility of running for any public office.
However, he acknowledged that he would not rule out the prospect of becoming the Chairman of the Federal Reserve in the future, as it does not involve elections, offers the opportunity to shape the economy, and is an institutional position.