Treasury Secretary Scott Bessent said Tuesday that the ongoing U.S.–China trade war is “not sustainable,” expressing hope for a de-escalation in the standoff despite no formal negotiations having begun. Speaking privately at a JPMorgan Chase event, Bessent warned that both sides acknowledge the current tariffs are untenable.
President Trump has imposed a 145% tariff on Chinese imports, while China has retaliated with 125% duties on U.S. goods. The sweeping tariffs on dozens of countries have contributed to rising U.S. interest rates and market instability. The S&P 500 rose 2.5% following early reports of Bessent’s remarks.
While Bessent indicated a long road ahead, Trump offered a softer tone, saying he wants to be “very nice” to China and envisions a lower final tariff rate. Still, he gave no signs of pulling back a 10% baseline tariff affecting many nations.
China’s Commerce Ministry warned others against cutting trade deals with the U.S. that harm Chinese interests.
Sources
Discover more from News Facts Network
Subscribe to get the latest posts sent to your email.
