Treasury secretary: US to reduce risks on certain categories of goods from China
The US administration does not plan to completely sever economic ties with China, but will reduce risks for certain categories of goods, US Treasury Secretary Scott Bessent said, News.Az informs via CBS News.
The head of the department was asked to comment on the words of US Defense Secretary Pete Hegseth at the Singapore security forum "Shangri-La Dialogue". In particular, the head of the Pentagon said that the American armed forces do not seek conflict with China, but are ready to "fight and win" if the containment policy fails.
"We don't want to sever economic ties with China, but we need to de-risk, as we saw during COVID, whether it's semiconductors, pharmaceuticals, other products that we're doing risk mitigation on now," the US Treasury Secretary added.
The US raised additional tariffs on Chinese imports three times, eventually reaching 145%. In April, China counter-measures mirrored tariffs on all US products, bringing them to 125%.
Trade and economic negotiations between the United States and China took place in Switzerland on May 10-11. Following their results, the parties announced a mutual reduction in duties from May 14, 2025.
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