Scott Bessent, President-elect Trump’s choice as treasury secretary, told the Senate Finance Committee this week that that one of his top priorities will be to insist that China follow through on commitments made during the first Trump administration to buy significant amounts of U.S agricultural products, Washington Trade Daily said in an analysis of his confirmation hearing. 

“Bessent told the Senate Finance Committee yesterday he also believes Washington should push Beijing to make purchases big enough to compensate for the last four years,” WTD reported.

“During the first Trump Administration, the United States reached what was called the ‘phase one’ trade deal with China. That deal included a pledge from Beijing to make set purchases of U.S. agricultural products to compensate U.S. farmers for tariffs imposed on them by China in retaliation for tariffs Trump slapped on billions worth of Chinese products.

“President Biden kept those tariffs in place, but did not insist that China carry out the purchases that were part of the trade deal, Mr. Bessent said. He suggested that Chinese purchases of U.S. agricultural products will help to offset any new retaliatory tariffs imposed by Beijing after Trump puts additional tariffs on Chinese products once he takes office.

“Mr. Bessent said that the president-elect’s emphasis on tariffs reflects his interest in doing three things — remedying unfair trade practices, raising revenue and as negotiating leverage with other countries,” WTD reported.

Bessent in response to a question said that he believes a carbon tax “is a very interesting idea” that could be part of an overall tariff strategy, WTD said.