Page 2 - Us Treasury

Nvidia, AMD China revenue deal could be model for others, says Bessent

Asked about reporting that China is urging its companies to avoid the Nvidia H20 processors now allowed for its market, Bessent said "sure, we can discuss that" with the Chinese

US national debt reaches record $37 trillion, Treasury Department reports

The US government's gross national debt has surpassed USD37 trillion, a record number that highlights the accelerating debt on America's balance sheet and increased cost pressures on taxpayers. The USD37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation's daily finances. The national debt eclipsed USD37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office's January 2020 projections had gross federal debt eclipsing USD37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilise the national economy and support a recovery. And now, more government spending has been approved after Trump signed into law Republicans' tax cut and spending legislation earlier this year. Th

Trump removes Billy Long as IRS commissioner in less than 2 months

President Donald Trump has removed former US Rep Billy Long as IRS commissioner less than two months after his confirmation, a White House official said Friday. The official, who was not authorised to speak publicly and spoke on condition of anonymity, did not give a reason for the dismissal. Treasury Secretary Scott Bessent will serve as acting commissioner, the official said. The Senate confirmed Long on a 53-44 vote despite Democrats' concerns about the Republican's past work for a firm that pitched a fraud-ridden coronavirus pandemic-era tax break and about campaign contributions he received after Trump nominated him. While in Congress, where he served from 2011 to 2023, Long sponsored legislation to get rid of the IRS. A former auctioneer, Long has no background in tax administration.

US Treasury Secy Bessent says Trump has advantage with tariff rates

President Trump is creating this leverage by saying: if you don't want to negotiate with me, I've sent you a letter with a high rate. Have at the high rate or come and negotiate in better fashion

US could collect $300 bn in tariff revenue this year, says Treasury chief

A Treasury spokesperson said the $300 billion target corresponds to the December 31 end of calendar 2025, not the end of the government's fiscal year on September 30

We're 'very close' with India: US Treasury Secretary on trade deal

Jaishankar says he's hopeful but can't guarantee pact

'Relationship is excellent': Trump confirms trade deal with China finalised

Trump says a trade deal with China has been finalised, with key agreements on rare earth supplies, tariffs, and student visas, pending final approval from both leaders after talks in London

US sanctions Palestinian NGO, others over alleged ties with militant groups

The US Treasury Department on Tuesday imposed sanctions on a major Palestinian legal group for prisoners and detainees along with five other charitable entities across the Middle East, Africa and Europe, accusing them of supporting militant groups, including Hamas' military wing, under the pretense of humanitarian aid in Gaza. Those sanctioned include Addameer, a nongovernmental organisation that was founded in 1991 and is based in the city of Ramallah in the Israeli-occupied West Bank. The Palestinian group provides free legal services to Palestinian political prisoners and detainees in Israeli custody and monitors the conditions of their confinement. The federal government claims that Addameer has long supported and is affiliated with the Popular Front for the Liberation of Palestine, a secular, left-wing movement with a political party and an armed wing that has carried out deadly attacks against Israelis. Israel and the United States have labelled the PFLP a terrorist ...

Bond markets are returning to normal but other fiscal numbers are a concern

It may not stay that way given the gathering risks, notably credible estimates that deficits will continue to run well higher than 3 per cent of GDP

Treasury yields rise; stocks, dollar fall amid tax bill, US downgrade focus

The US dollar weakened broadly, hitting a more than one-week low against the safe-haven yen, Swiss franc and euro. Against the Japanese yen, the dollar was down 0.38 per cent at 145.06

US Treasury chief dismisses Moody's downgrade amid Trump tax cut debate

"I don't put much credence in the Moody's" downgrade, Bessent told CNN's "State of the Union" program

US, China make 'substantial progress' on deal to cut trade deficit

Bessent told reporters that details would be announced on Monday and that U.S. President Donald Trump was fully aware of the results of the "productive talks.''

US, China begin tariff talks in Geneva amid global trade concerns

The US Treasury Secretary and America's top trade negotiator began talks with high-ranking Chinese officials in Switzerland Saturday aiming to de-escalate a dispute that threatens to cut off trade between the world's two biggest economies and damage the global economy. The Xinhua News Agency says Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer have begun meetings in Geneva with a Chinese delegation led by Vice Premier He Lifeng. Diplomats from both sides also confirmed that the talks have begun but spoke anonymously and the exact location of the talks wasn't made public. Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive taxes tariffs they've slapped on each other's goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on US-China trade. US President Donald Trump last month raised US tariffs on China to a combined 145%, and .

One of first trade deals may be with India, says US treasury secy Bessent

Speaking to reporters after two early morning television interviews, Besssent said the first such trade agreement might come this week or next

Bond yields soften tracking US yields, profit booking caps gains

The yield on the 10-year Treasury declined on Wednesday after President Donald Trump reversed his comments about firing US Federal Reserve Chairman Jerome Powell

Dollar jumps after Bessent predicts easing of US-China trade tensions

The US dollar index, which measures the greenback against six other major currencies, was up 0.6 per cent at 98.937, after sinking as low as 97.923 in the previous session

US Treasury Secy defends China tariffs, says India important trade partner

US Secretary of the Treasury Scott Bessent emphasised that such a move focuses on countries like China, which have been contributing to imbalances in the global economy

Treasuries, US dollar see fall as Trump's trade war sparks recession fears

US stocks were in positive territory early, with investors weighing whether recent sharp selling may have been overdone, although trading remained choppy as it has been all week

Bessent says Treasury to play bigger role so lenders can finance growth

Bessent said Treasury's stronger involvement in crafting bank regulation would be achieved through the Financial Stability Oversight Council

Global bond markets shift as US treasuries face competition from Europe

One early test comes Tuesday, when the US government is set to sell $58 billion of three-year securities, followed by 10- and 30-year maturities later this week