The US Treasury Secretary Scott Bessent accused China of deliberately harming the global economy, as tensions between Beijing and Washington reignited again after an apparent reprieve.
The superpowers imposed punishing tariffs on one another earlier this year, only to lower them, and had for months been discussing a trade deal. The mood has soured recently, though, with each side imposing additional curbs; new US tariffs come into effect today.
US officials signaled openness to a trade deal yesterday, leading to a brief stock rally, but the diplomatic tone has toughened. Bessent told the Financial Times that Beijing wants to “pull everybody else down,” while China said: “If there’s a fight, we’ll fight… if there’s a talk, the door is open.”