US Treasury chief anticipates easing of China tariff standoff
The trade standoff between Washington and Beijing is unsustainable, U.S. Treasury official Scott Bessent said on Tuesday, predicting that the ongoing tit-for-tat tariff war will de-escalate in the near future.
Bessent was referring to new duties Washington and Beijing have imposed this year.
Since Donald Trump's White House return in January, the United States has slapped additional tariffs of 145 per cent on many products from China.
These include duties initially imposed over China's alleged role in the fentanyl supply chain and later, over practices Washington deemed as unfair. Beijing has responded with sweeping counter tariffs of 125 per cent on US goods, in retaliation against Washington's latest salvo.
Bessent told the event Tuesday that he expects a de-escalation in the near future, according to a person who was in the room.
He noted that the trade embargo now involves both sides.
Such a development should bring markets some relief, he added at the event, which was not open to media.
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