China’s Tariff Escalation is a Big Mistake, Says U.S. Treasury Secretary
In a Tuesday interview on CNBC, U.S. Treasury Secretary Scott Bessent called China's decision to escalate tariffs a "big mistake," stating that the move could backfire.
He pointed out that China is at a disadvantage in this trade dispute, as the U.S. exports far less to China than China exports to the U.S., making it a “losing hand” for China.
China’s retaliatory tariffs, set to go into effect Thursday, include a 34% levy on U.S. goods. In response, President Donald Trump has warned of imposing an additional 50% tariff if China does not withdraw its countermeasures.
Bessent mentioned that nearly 70 countries have approached the U.S. to begin negotiations regarding tariffs.
He emphasized that trading partners who have maintained a calm approach during the escalation would be prioritized in the discussions. Bessent also indicated that large countries with substantial trade deficits are expected to be among the first to step forward with proposals.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
