Bessent on China and Iran Fox’s complete interview

Sep 23

Bret Baier interviews Scott Bessent about China trade, the economy, AI and economic pressure on Iran. Bessent announces a two-month extension of the Busan trade truce to January 10, describing unfinished negotiations, possible tariff reductions and financial-services announcements, soybean purchases and other agricultural commitments. Those possible deals remain prospective. He attributes energy inflation to the Iran conflict, cites core inflation and PMI, jobs and wages, and forecasts lower energy prices. On AI, he expects China to engage on a proposed safety channel but says its scope remains unresolved; he dismisses speculation about becoming an AI czar. Asked about corporate liability, he says humans create AI systems and agents and bear responsibility, endorsing Daniel Huttenlocher's editorial without specifying a statute or resolving liability in a case. He estimates 10–17 million barrels of oil a day moving through Hormuz plus about three million by other routes, alleges Iranian drone attacks and credits the U.S. Navy. He claims most external Iranian flights have been halted, describes private talks with China and banking actions with Emirati and Turkish partners, and refers to Russian-bank sanctions. These are his accounts, not independently verified outcomes. He recalls the failed June memorandum and predicts Iran will concede, without a confirmed timetable or agreement.

IRINN’s September 23 price update gives Brent at $101.08 a barrel, up $2.53, and U.S. light crude at $92, up $1.48. It reports U.S. gasoline at $4.47 a gallon and California at $6.20, calling the latter a record. Its economic feature airs Fox describing diesel near $7 a gallon and European and U.S. assessments of continuing Hormuz disruption, including an attributed claim that U.S. strategic oil reserves are at their lowest since 1982. Its opening commentary puts Brent around $100 and links fuel costs to restricted shipping. These are the broadcasts’ observations and interpretations, not one shared settlement price or independently established price causation. Fox’s September 23 interview describes crude at roughly $92; the on-screen quote is $92.69, up $0.53. Its graphic gives national average regular gasoline at $4.47 and diesel at $6.52 per gallon. Bessent attributes energy inflation to an Iran-related supply shock, gives core inflation as 2.4%, and predicts lower energy prices after the conflict, citing added supply. Asked about household costs, he defends business activity, private jobs and real wages; his concluding figures are median wage growth of 3.5–3.7% and 1.3 million jobs for Americans. These figures and forecasts are his account. Fox’s panel distinguishes core inflation from the food and energy costs households feel and considers the political pressure of those costs. No price relief or end to the war is reported as having occurred.