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Scott Bessent hails ‘very successful framework’ of U.S.-China trade deal

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Any agreement would be a relief to international markets even it does not address underlying issues involving manufacturing imbalances and access to state-of-the-art computer chips.

Beijing recently limited exports of rare earth elements that are needed for advanced technologies, and Trump responded by threatening additional tariffs on Chinese products. The prospect of a widening conflict risked weakening economic growth worldwide.

China’s top trade negotiator, Li Chenggang, told reporters that the two sides had reached a “preliminary consensus,” while Trump’s treasury secretary, Scott Bessent, said there was “a very successful framework.”

Trump also expressed confidence that an agreement was at hand, saying the Chinese “want to make a deal and we want to make a deal.” The Republican president is set to meet with Xi on Thursday in South Korea, the final stop of his trip through Asia. Trump reiterated that he plans to visit China in the future and suggested that Xi could come to Washington or Mar-a-Lago, Trump’s private club in Florida.

Bessent told CBS’ “Face the Nation” that the threat of additional higher tariffs on China was “effectively off the table.” In interviews on several American news shows, he said discussions with China yielded initial agreements to stop the precursor chemicals for fentanyl from coming into the U.S., and that Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earths.

The progress toward a potential agreement came during the annual summit of the Association of Southeast Asian Nations, in Kuala Lumpur, with Trump seeking to burnish his reputation as an international dealmaker.

Yet his way of pursuing deals has meant serious disruptions at home and abroad. His import taxes have scrambled relationships with trading partners while a U.S. government shutdown has him feuding with Democrats.

Trump attends ceasefire ceremony between Thailand and Cambodia

At the summit, Thailand and Cambodia signed an expanded ceasefire agreement during a ceremony attended by Trump. His threats of economic pressure prodded the two nations to halt skirmishes along their disputed border earlier this year.

Thailand will release Cambodian prisoners and Cambodia will begin withdrawing heavy artillery as part of the first phase of the deal. Regional observers will monitor the situation to ensure fighting doesn’t restart.

“We did something that a lot of people said couldn’t be done,” Trump said. Cambodian Prime Minister Hun Manet called it a “historic day,” and Thai Prime Minister Anutin Charnvirakul said the agreement creates “the building blocks for a lasting peace.”

The president signed economic frameworks with Cambodia, Thailand and Malaysia, some of them aimed at increasing trade involving critical minerals. The United States wants to rely less on China, which has used limited on exports of key components in technology manufacturing as a bargaining chip in trade talks.

“It’s very important that we cooperate as willing partners with each other to ensure that we can have smooth supply chains, secure supply chains, for the quality of life, for our people and security,” U.S. Trade Representative Jamieson Greer said.

Trump reengages with a key region of the world

Trump attended this summit only once during his first term, and U.S. Defense Secretary Pete Hegseth seemed unfamiliar with ASEAN during his confirmation hearing in January.

This year’s event was a chance for Trump to reengage with nations that have a combined $3.8 trillion economy and 680 million people.

“The United States is with you 100%, and we intend to be a strong partner and friend for many generations to come,” Trump said. He described his counterparts as “spectacular leaders” and said that “everything you touch turns to gold.”

Trump’s tariff threats were credited with helping spur negotiations Thailand and Cambodia. Some of the worst modern fighting between the two countries took place over five days in July, killing dozens and displacing hundreds of thousands of people.

The president threatened, at the time, to withhold trade agreements unless the fighting stopped. A shaky truce has persisted since then.

Malaysian Prime Minister Anwar Ibrahim praised the agreement between Thailand and Cambodia, saying at the summit that “it reminds us that reconciliation is not concession, but an act of courage.”

Tariffs are in focus on Trump’s trip

Trump met Brazilian President Luiz Inácio Lula da Silva in Kuala Lumpur, who was also attending the summit. There has been friction between them over Brazil’s prosecution of Jair Bolsonaro, the country’s former president and a close Trump ally. Bolsonaro was convicted last month of attempting to overturn election results in his country.

During their meeting, Trump said he could reduce tariffs on Brazil that he enacted in a push for leniency for Bolsonaro.

“I think we should be able to make some good deals for both countries,” he said.

While Trump was warming to Lula, he avoided Canadian Prime Minister Mark Carney. The president is angry with Canada because of a television advertisement protesting his trade policies, and on his way to the summit, announced on social media he would raise tariffs on Canada because of it.

One leader absent from the summit was Indian Prime Minister Narendra Modi. Although he was close with Trump during Trump’s first term, the relationship has been more tense lately. Trump caused irritation by boasting that he settled a recent conflict between India and Pakistan, and he has increased tariffs on India for its purchase of Russian oil.

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Associated Press writers Josh Boak in Tokyo and Jintamas Saksornchai in Bangkok contributed to this report.



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Bessent says Trump’s $2,000 checks would need congressional vote

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Treasury Secretary Scott Bessent said President Donald Trump’s proposal to send $2,000 “dividend” payments from tariffs to US citizens would require congressional approval.  

“We will see,” Bessent said on Fox News’ Sunday Morning Futures. “We need legislation for that.”

Trump, who has touted the billions raised in US tariff revenue this year, has talked about the checks as public frustration mounts over the cost of living. Speaking to reporters on Air Force One on Friday, Trump said the checks would go out sometime next year to “everybody but the rich.”

“It’s a lot of money,” he said. “But we’ve taken in a lot of money from tariffs. The tariffs allow us to give a dividend.” He added that “we’re also going to be reducing debt.” 

Read More: Trump’s $2,000 Tariff ‘Dividend’ Marks Throwback to Covid Checks

The plan could cost the US government double what it’s projected to take in for 2025, according to one estimate. The Committee for a Responsible Federal Budget, a centrist watchdog group, estimated a preliminary $600 billion cost for the proposal, if the dividends were designed along the lines of government stimulus payments during the Covid pandemic. 

Net US tariff revenue for the fiscal year through September totaled $195 billion and many economists have penciled in about $300 billion for calendar-year 2025.

Bessent said Americans should start feeling more economic relief in the beginning of next year, citing the tax cuts in Trump’s signature policy bill passed earlier this year. 

“So I would expect in the first two quarters we are going to see the inflation curve bend down and the real income curve substantially accelerate,” he said.  



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The Coast Guard has seized a record amount of cocaine while Trump says interdiction has failed

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 In justifying American military strikes on boats suspected of smuggling drugs, President Donald Trump has asserted that the longtime U.S. strategy of interdicting such vessels at sea has been a major failure.

“We’ve been doing that for 30 years,” he said last month, “and it’s been totally ineffective.”

Trump’s comments came around the same time that the U.S. Coast Guard announced it had set a record for cocaine seizures — a haul of 225 metric tons of the drug over the previous year. That milestone, however, has not dissuaded the Republican president from upending decades of U.S. counternarcotics policy.

Under Trump, the U.S. military has blown up 20 suspected drug boats, resulting in 80 deaths, in the Pacific Ocean and Caribbean Sea. Trump and other top officials have contended that such boats are being operated by narco-terrorists and cartel members with deadly drugs bound for America.

The strikes have generated international pushback from foreign leaders, human rights groups, Democrats and some Republicans who have raised concerns that the United States is engaging in extrajudicial killings that undermine its stature in the world.

Veterans of the drug war, meanwhile, say U.S. resources would be better spent doubling down on the traditional approach of interdicting drug boats, especially in the long term. That is because crews of drug boats frequently have valuable intelligence that can help authorities better target cartels and trafficking networks. Dead men, they say, tell no tales.

The Coast Guard has fought the drug war a long time

The Coast Guard for decades has interdicted small vessels suspected of smuggling illicit narcotics. Much of that work is focused on halting shipments of cocaine, most of which is produced in the jungles of Colombia.

Working with partner nations and other federal agencies — the Drug Enforcement Administration, the departments of State and Justice as well as U.S. Southern Command’s Joint Interagency Task Force-South in Key West, Florida — the aim is to inflict heavy losses on traffickers and limit the amount of drugs entering the U.S.

That campaign, by at least one measure, has never been more successful, despite constant complaints by the Coast Guard that it lacks funding to seize even more drugs.

The Coast Guard’s recent record cocaine seizure was almost 40% higher than the past decade’s annual average. The haul included 38 tons of cocaine offloaded by the cutter Hamilton when it returned from a two-month patrol. It was the largest amount confiscated by a single Coast Guard ship during a deployment, the Coast Guard reported. The interdictions have continued as part of what’s known as Operation Pacific Viper even during the federal government shutdown, with several cutters reporting major seizures last month.

In almost every case, drug smugglers have been brought to the U.S. for prosecution, and valuable information about ever-changing smuggling routes and production methods was collected — all without any loss of life and a far lower cost to American taxpayers. Experts said each missile strike is likely to cost far more than the payload of cocaine on every ship.

“The Coast Guard has extraordinary powers and authorities to do effective drug interdiction without killing unidentified people on small boats,” said Douglas Farah, a national security expert on Latin America and president of IBI Consultants. “When resourced, they are far more effective, sustainable and likely legal than the current Pentagon-led operations.”

Trump administration officials say strategy needed to change

Secretary of State Marco Rubio this week defended the shift in strategy, saying that “interdictions alone are not effective.”

“Interdictions have limited to no deterrent effect,” he added. “These drug organizations, they’ve already baked in the fact they may lose 5% of their drug shipments. It doesn’t stop them from coming.”

Part of the problem is that demand for cocaine is high, and supplies have never been so robust, according to authorities and experts. A sign of that trend: Cocaine prices have been hovering at historical lows for more than a decade.

The Coast Guard also does not have enough vessels or crew to halt it all. At most, it seizes not even 10% of the cocaine that officials believe flows to the U.S. on small vessels through what is known as the “Transit Zone” — a vast area of open water larger than Russia.

Cocaine shipments bound for the U.S. primarily work their way up the west coast of South America to Central America and then overland into the U.S. via Mexico. Shipments heading to Europe are smuggled through the Caribbean, often hidden in container ships.

Such interdiction efforts target cocaine, not fentanyl

In social media posts, Trump has claimed that his strikes have blown up boats carrying fentanyl and that each destroyed vessel has saved 25,000 American lives. According to experts and former U.S. counternarcotics officials, Trump’s statements are either exaggerations or false.

For the past decade, U.S. officials have sounded the alarm about rising overdose deaths in the U.S., particularly from opioids and synthetic opioids. Overdose deaths from opioidspeaked in 2023 at 112,000 but dropped to 74,000 in April. Experts have attributed that decline mostly to Biden administration efforts to boost the availability of lifesaving drugs that prevent overdose deaths.

The drug flowing to the U.S. from South America is cocaine. Fentanyl, on the other hand, is typically trafficked to the U.S. overland from Mexico, where it is produced with chemicals imported from China and India. Cocaine overdose deaths are less frequent than those from fentanyl. In the last year, just under 20,000 people in America died from cocaine overdoses, federal data shows.

Trump and administration officials have also claimed that the crews of targeted vessels were narco-terrorists or members of cartels.

The Associated Press visited a region in Venezuela from which some of the suspected boats have departed and identified four men who were killed in the strikes. In dozens of interviews, residents of the region and relatives said t he dead men were mostly laborers or fisherman making $500 a trip.

Law enforcement officials and experts echoed those findings, saying the smugglers captured by the Coast Guard are hired for little money to ferry drugs from point A to point B.

“They are hardly kingpins,” said Kendra McSweeney, an Ohio State University geographer who has spent years researching U.S. drug policies.

Trump administration officials recently promoted big seizures

In April, months before Trump launched his military campaign, his attorney general, Pam Bondi, traveled to South Florida to welcome home the Coast Guard cutter James from its latest antinarcotics patrol. It had seized 20 tons of cocaine worth more than $500 million.

Flanked by FBI Director Kash Patel, she praised a “prosecutor-led, intelligence driven approach to stopping these criminal enterprises in their tracks.”

“This is not a drop in the bucket,” said Bondi, standing in front of the vessel loaded with colorful, plastic-wrapped bales of narcotics stacked several feet high. “Behind you is half a billion dollars of pure, uncut cocaine.”



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The 2026 class of American Rhodes scholars includes 5 students at U.S. military academies

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Five students at U.S. military academies and three each from Yale University, Harvard University and the Massachusetts Institute of Technology are among the 32 American winners named Sunday as 2026 Rhodes scholars.

The group includes students focused on housing, health outcomes, sustainability and prison reentry programs. They include:

Alice L. Hall of Philadelphia, a varsity basketball player at MIT who also serves as student body president. Hall, who has collaborated with a women’s collective in Ghana on sustainability tools, plans to study engineering.

Sydney E. Barta of Arlington, Virginia, a Paralympian and member of the track team at Stanford University, who studies bioengineering and sings in the Stanford acapella group “Counterpoint.” Barta plans to study musculoskeletal sciences.

Anirvin Puttur of Gilbert, Arizona, a senior at the U.S. Air Force Academy who serves as an instructor pilot and flight commander. Puttur, who is studying aeronautical engineering and applied mathematics, also has a deep interest in linguistics and is proficient in four languages.

The students will attend the University of Oxford as part of the Rhodes scholar program, which awards more than 100 scholarships worldwide each year for students to pursue two to three years of graduate studies.

Named after British imperialist and benefactor Cecil John Rhodes, the scholarship was established at Oxford in 1903. The program has more than 8,000 alumni, many of whom have pursued careers in government, education, the arts and social justice.



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