Bessent says U.S.-China trade truce is "working pretty well"

• The U.S.-China trade war had seen tit-for-tat tariffs imposed, leaving businesses and investors in a cycle of uncertainty.

Driving the news: Fox News' Laura Ingraham asked Bessent when he expected to see movement on the China talks after both nations agreed last week not to impose previously threatened higher levies.

• "China is, right now, the biggest revenue line in the tariff income," Bessent said.
• "If it's not broke, don't fix it. We have had very good talks with China. I imagine we'll be seeing them again before November," he said.
• "They have started shipping the rare earth magnets, which we agreed to. We had put some countermeasures on them that we've taken off.  So I think right now the status quo is working pretty well."

Context: The original deal lowered U.S. tariffs on Chinese goods to 30% from 145% and restarted the flow of crucial rare earth minerals out of China, per Axios' Courtenay Brown and Ben Berkowitz.

What we're watching: Secretary of State Marco Rubio has said there's a "strong desire" on both sides for President Trump and Chinese leader Xi Jinping to hold a meeting, though no date has been set as yet.

More from Axios:

• Customers look set to bear the tariff cost burden
• America starts to feel the squeeze: What we know about tariffs and inflation