Treasury Secretary Bessent says tariff standoff with China is unsustainable, expects de-escalation
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US Treasury Secretary Scott Bessent told an investor gathering behind closed doors on Tuesday that the tariff standoff with China can’t last and that he thinks things will calm down. People who attended Bessent’s session at an event in Washington, D.C., put together by JPMorgan Chase & Co. said that talks haven’t started yet but that a deal is possible. Details of the speech were confirmed by two people who heard it but asked to remain anonymous in order to discuss it. “I do say China is going to be a slog in terms of the negotiations,” Bessent said, according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.” China and the US have been in a tariff war almost immediately after Trump entered office. It has escalated to over 100% tariffs imposed on each other. The two giant economies depend on each other. For instance, last year the total US trade with China, both imports and exports, was estimated to be $582.4 billion. This is clearly unsustainable. After the back and forth of retaliatory tariffs, Trump said that he was open to talks with Chinese President Xi Jinping after he hit China with an even higher tariff rate of 125%. On the other hand, after Trump raised tariffs on China to the tune of 145%, China said it is ready to negotiate if Trump shows respect. However, in a message released Monday, China told other countries not to make trade deals with the US that could hurt China. This is to say, it is not clear where China and the US stand. The stock market rally on the hopes of an end to the China-US trade war After the statement by Scott Bessent, US stocks went up. Investors were hopeful that President…
Filed under: News - @ April 22, 2025 8:27 pm