Treasury Secretary Scott Bessent will testify before the House Ways and Means Committee on Wednesday morning amid trade negotiations following President Trump’s sweeping tariffs.
The hearing comes after Trump announced early Wednesday that the U.S. and China have reached an agreement that would lower tariffs on U.S. goods to 10 percent and level tariffs of 55 percent on Chinese goods. Under the pending deal, China would also supply full magnets and “necessary” rare earth minerals “up front.” In exchange, the U.S. will open universities and colleges up to the nation’s international students, according to his post on Truth Social.
It also follows a federal appeals court ruling Tuesday that allows the Trump administration’s tariffs to remain in effect for now, extending a previous pause after a separate court ruled the import taxes were illegal.
The Treasury chief will also testify before the Senate later Wednesday.
The House event is scheduled to begin at 10 a.m. EDT.
Watch the live video above.
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