The Treasury Secretary Scott Besent said that the recent agreement to allow Nvidia and Advanced Micro Devices to resume the sales of artificial intelligence chips from low -end to China, With the condition that they give the United States government a 15% cut of related income, it could serve as a model for others.
“I think we could see it in other industries over time,” Besent said Wednesday in a television interview at Bloomberg Surveillance. “For now, this is unique, but now that we have the model and the beta test, why not expand it?”
Besent attributed to President Donald Trump the “unique solution” of allowing Nvidia to expand in China and became a reference for Chinese technology, with the American taxpayer receiving “a part” of the reward. The income that the Treasury receives from this agreement will be used to pay debt, he said.
“If we could make a substantial payment of the debt, that would allow to discuss a money shipping program to taxpayers,” He also said.
When asked about the information that China urges its companies to avoid NVIDIA H20 processors, Now allowed in his market, Besent replied: “Of course, we can speak it” with the Chinese. “But it also tells me that they are worried that Nvidia chips become the standard in China.”
Conversations with China
On Tuesday, Besent announced in Fox Business that he would meet again with his Chinese counterparts “in the next two or three months.” He ruled out the possibility that China emulates other US commercial partners and obtains tariff relief in exchange for promoting investments in the United States.
When asked if China could make promises for billions of dollars such as Japan, South Korea and the EU as part of its commercial agreements, Besent said: “My feeling is that no, because much of the purchase or purchase funds will go to critical industries that we need to relocate and many of them need to be relocated outside China.”
Whether they are semiconductor industries, rare earth magnets, pharmaceutical products or steel, “My feeling is that this is not what will happen”Besent said in an interview with Fox Business on Tuesday.
Artificial technology and intelligence have been two of the most prominent areas of competition among the two largest economies in the world. President Donald Trump extended the pause in the application of tallest tariffs to Chinese products for 90 more days, until the beginning of November. This measure stabilized commercial relations between both economies while trying to forge an agreement.
Chinese companies in sectors such as electric vehicles have opened factories abroad To access new markets, a measure that could also help them avoid US tariffs.
He also indicated that Washington wanted to see China measures for a prolonged period to stop The flow of chemicals used to make fentanyl before reducing the tariffs Trump implemented on the subject.
“We will need to see months, if not quarters, if not a year, of progress in that aspect before imagining that these tariffs decrease”said.
