Donald Trump treasury pick says China’s economy is in recession

Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, described the world’s No. 2 economy as being in a recession, if not a depression

Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, described the world’s No. 2 economy as being in a recession, if not a depression.

Scott Bessent also described it as the most imbalanced economy in the world. (REUTERS)

Bessent, in further bearish remarks, also described it as the most imbalanced economy in the world, where the military is put first and where authorities are trying to export cheap goods to the rest of the world as a way to keep growth afloat.

His comments came days after data from Beijing showed China’s trade surplus soared to a record last year, driven by strong exports.

The surplus jumped to an unprecedented $992 billion in 2024, 21% higher than the previous year.

On the previously agreed trade deal with China, Bessent said, “China has not made good on their Ag purchases,” and said he would push Beijing to resume those purchases and maybe even pursue a “make-up provision.”