Treasury Secretary Scott Bessent said Wednesday that the US and China have an “incredible” opportunity to strike a “big deal” on trade, as Washington seeks to deescalate its tariff war with Beijing.
Speaking at an International Monetary Fund conference, Bessent called China’s export-dependent economy “unsustainable” and said the US could “help it change,” while also boosting American manufacturing.
However, the US would not unilaterally lower its tariffs on Chinese goods, Bessent said, a day after US President Donald Trump promised to “substantially” reduce the levies if the pair reach a deal.
Washington’s apparent reversal — Trump ramped up tariffs on Chinese goods to 145%, even as he cut duties on others — could indicate its weakening resolve for a prolonged trade conflict: “The more [Trump] talks like this, the more it shows how anxious the US side is,” a Hong Kong-based expert said.
