U.S. Treasury Chief: Major Asian Trade Deals Coming, China’s Tariff Strain Growing
Treasury Secretary Scott Besent addressed reporters today from the White House, outlining the administration’s economic priorities and providing updates on ongoing trade negotiations.
Besent emphasized plans to meet with at least 17 international partners, with many expected to visit Washington in the coming weeks. He signaled optimism about upcoming legislative efforts, suggesting that income tax relief could be included in a forthcoming bill.
Turning to trade policy, Besent reiterated the administration’s belief that tariffs will revitalize American manufacturing and generate substantial revenue. He stated that Americans are continuing to spend confidently and that record levels of domestic investment are strengthening the push to bring manufacturing jobs back to the United States.
Commenting on China, Besent predicted that tariffs could severely impact its economy, potentially costing China 10 million jobs if current trends persist. He pointed out the trade imbalance, noting that China sells five times more goods to the U.S. than it imports, and argued that pressure will mount for China to ease tariffs.
Besent described former President Trump’s trade approach as creating “strategic uncertainty” to secure better deals after what he characterized as four years of unfavorable agreements. Meetings with both domestic and foreign auto producers are reportedly underway, with aims to reshore production, introduce tax cuts for manufacturers, and create significant new employment opportunities.
Despite concerns about global tensions, Besent dismissed fears of a supply chain shock, insisting that Trump has planned extensively to ensure fair and stable trade.
Negotiations with Asian partners are said to be progressing particularly well. Besent mentioned that deals with India and South Korea could be announced soon, while talks with Japan have also been substantial.
The press conference briefly turned contentious when a reporter raised concerns about Amazon’s data showing that tariffs might be affecting American consumers more than Chinese exporters. Shortly after, Karoline Leavitt, a Trump ally, joined the conference, criticizing Amazon’s new campaign as politically hostile.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
