China has so far upheld its end of the trade pact struck with President Trump, Treasury Secretary Scott Bessent claimed Sunday while touting what he anticipates will be “very strong economic growth” in 2026.
The White House announced a sweeping deal with China on trade and the general relationship between Washington and Beijing in November, in which the Asian behemoth agreed to purchase more American products, among other concessions.
“I can tell you that the Chinese have lived up to their end of the bargain,” Bessent told Fox News’ “Sunday Morning Futures. “They have completed their soybean purchases.”
As part of the deal, China agreed to purchase some 12 million metric tons of American soybeans during the final two months of 2025 and 25 metric tons of them in 2026, 2027 and 2028.
Trump had a call with Chinese leader Xi Jinping on Wednesday to discuss a range of issues between the two global superpowers. Bessent was present for the call.
“It’s my belief that President Trump is the only world leader who Xi respects,” the Treasury secretary added.
Bessent noted that he doesn’t have a clear estimate available yet on when the full text of the deal with China will be released in writing.
The Treasury boss also touted the Dow Jones’ milestone of crossing 50,000 for the first time ever last week and other favorable economic indicators.
“We’re seeing the industrial sectors under the market hit new highs,” Bessent crowed. “And in my 35, 40 years on Wall Street, that tells me Wall Street is telling you that Main Street is about to prosper.”
“The stock market lives in the future. And I think we’re going to have very strong economic growth and very strong job gains and very strong real income growth.”
Critics have pointed to the softer figures from the labor market, with the unemployment rate finishing off 2025 at 4.4%, up from 4% in January of last year.
Additionally, the consumer price index jumped 2.7% in December 2025 relative to the 12 months earlier, which is above the Federal Reserve’s 2% target.
Still, there are positive signs, such as the Dow Jones’ milestone and the economy surpassing expectations with 4.4% annualized growth in the third quarter of last year. Bessent battled Democratic lawmakers on Capitol Hill over Trump’s economic record last week.
“They can’t compete on economic growth, because the president’s plan is working,” Bessent said. “A measure called truflation, which is daily observations, now is below 1 percent. So inflation down, strong growth, stocks at a record high, and the lowest crime rate in over 100 years.”
“Democrats don’t want to talk about that.”
During his wide-ranging interview on the economy, Bessent also praised Trump’s pick of former Federal Reserve Board of Governors Governor Kevin Warsh to helm the central bank, noting how he got 100 votes for his prior role at the Fed.
“I think that Kevin Warsh is going to be very independent, but mindful that the Fed is accountable to the American people,” Bessent said.
