Treasury Secretary Scott Bessent on the 90 Day Pause 5/12/25

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 12 May 2025

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

After a weekend of negotiations in Switzerland, the U.S. and China have agreed to a 90-day pause on most of their tariffs. Treasury Secretary Scott Bessent was in the negotiating room, and in his first interview since the meeting, he suggests more meetings between the countries are still to come. CNBC’s Julianna Tatelbaum reports on the news from Geneva, and stateside, the markets recovered most of their losses since March 2nd in early trading immediately following the truce. CNBC’s Phil LeBeau reports on the ground delay currently in effect at Newark Liberty International, the latest issue for the beleaguered airport. Plus, according to sources, President Trump is poised to accept a luxury jet from the Qatari royal family, which he would then use as Air Force One. Julianna Tatelbaum - 04:41 Scott Bessent - 17:43 Phil LeBeau - 32:26 In this episode: Scott Bessent, @SecScottBessent Phil LeBeau, @Lebeaucarnews Julianna Tatelbaum, @CNBCJulianna Becky Quick, @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:04.3	Hi, I'm CNBC producer Katie Kramer.
0:06.9	Today on Squawk Pod.
0:09.6	Markets cheer a 90-day tariff truce between the U.S. and China.
0:13.7	Treasury Secretary Scott Bessent on the slashed tariff rate.
0:17.3	Now we have a meeting mechanism.
0:19.1	We loosely christened the Geneva mechanism.
0:21.6	And the diplomacy ahead.
0:23.6	Make no mistake.
0:24.6	One of the goals here is to open China for American businesses in a fair way.
0:32.6	The traveled mess at Newark Airport set to upend summer plans. Are Phil Leboe with some advice?
0:39.3	If you can, go somewhere else. Why risk it?
0:43.3	Plus, an executive order to lower prescription drug costs,
0:47.3	and President Trump set to accept a luxury jet from Qatar.
0:51.3	It raises questions.
0:52.3	Would you accept a phone that the Chinese government gave you or a car that the Russians gave you?
0:58.2	It's Monday, May 12th, 2025. Squawk Pod begins right now.
1:03.5	Stand Becky by in three, two, one. Cuea, please.
1:08.5	Good morning, everybody, and welcome to Squackbox right here on CNBC. We're live at the NASDAQ market site in Times Square. I'm Becky Quick, along with Joe Kernan and Andrew Ross Sorkin, and the news of a 90-day lowering of most tariffs between the United States and China to a much lower level. 30% is what we're talking about, which is well below the 145% that existed before
1:29.4	this, and far below the percentages that Donald Trump was talking about himself on
1:35.8	Truth Social on Friday, saying maybe 80% sounded like a good number. Right now, we're looking
1:40.4	at the S&P 500. We have basically erased all of the losses that came
	...

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