US Treasury Secretary Bessent: Trump told Xi that he wants to open up China

United States (US) Treasury Secretary Scott Bessent said during the European trading session on Thursday regarding the outcome of the meeting between President Donald Trump and Chinese leader Xi Jinping that both nations are trying to balance trade out.

Additional remarks

US has a stronger position because of our trade deficit with China.

Will also discuss board of investments, that will cover non-strategic and non-sensitive areas where China can invest.

Think we're going to see large Boeing orders.

Also talked about China buying more energy today.

Thinks China will do what it can on the Strait of Hormuz.

The reopening of the strait benefits China.

Believes that China will work behind the scenes to the best of their capabilities.

FX Implications

The US Dollar Index (DXY) and S&P 500 futures remain broadly calm despite positive commentary from US Treasury Secretary Bessent on the Trump-Xi meeting outcome.