Treasury Secretary Scott Bessent voiced his discontent with the Wall Street Journal’s coverage of U.S.-China trade matters, alleging that the publication is overly sympathetic to China.
“Honestly, I think this is just a horrible article in today’s paper,” Bessent remarked at a CNBC investor event, shaking his head. “It feels like they’re under the influence of the Chinese Communist Party.” He added, “President Trump values high stock prices, but both he and I believe that they stem from sound policy.”
Bessent’s criticism was directed at an article from the Journal, which outlined how China is adopting a firm stance against President Trump. The newspaper asserted that the Chinese government anticipates the president will “rescind” tariffs affecting the U.S. market.
“If we must take rigorous action against China, it won’t be driven by stock market sentiments,” he emphasized. “Discussions shouldn’t hinge on falling stock prices; they should focus on what’s beneficial for the American economy.”
Trump and his supporters frequently critique the Journal’s coverage, and earlier this year, he took legal action against the newspaper for defamation tied to its reports about his supposed connections with Jeffrey Epstein.
Bessent, a supporter of Trump, has also taken issue with mainstream media’s portrayal of the recent government shutdown, claiming they unfairly hold Republicans responsible for financial instability stemming from Congress’s deadlock.
His remarks followed a turbulent week for financial markets, sparked by heightened tensions in U.S.-China trade relations.
Last week, Trump declared that he would implement 100% tariffs on all imports from China by November 1, as a response to China’s newly imposed limits on rare earth exports.
Rare earth elements are critical for various advanced technologies, including chips, electric vehicles, and military aircraft. Given that China controls around 70% of global rare earth production, it holds substantial sway in the market.
Bessent noted on Wednesday that the U.S. should consider building a stockpile of these materials and investing in domestic companies focused on their extraction.
