Treasury Secretary Scott Bescent said China's retaliation on Wednesday for the president's trade measures proved to be a poor choice.
“They have the most disproportionate economy in modern world history, and you can tell you that this escalation is a loser to them.”Morning with Maria. ”
“They have very clever economists, scholars, technocrats in bureaucracy. They tell their leadership that we don't have an advantage here. They are surplus countries. Exports to the US are five times more than exports to China, he added.
China announced a 50% new tariff on US exports on Wednesday, raising China's total tariff to 84% following the 34% tariff announced last week in response to Trump's new taxes.
Host Maria Bartilomo questioned Bescent about the impact of the “soft war” with China, and potential Americans would be negatively affected in front of Chinese citizens.
“No one wins in a war, but the proportionality of the Chinese will be much worse,” replied the Treasury Secretary.
“And other things, Maria, what's really good, a very good step with the Chinese is to acknowledge that the precursor chemicals of fentanyl come from China,” he added.
Trump echoed similar rhetoric and long-selling propaganda fentanyl as reasons for the tariffs that Beijing rejected.
“Facts speak more eloquently than words. The US is spreading all sorts of misinformation on the fentanyl issue, smearing China, scapegoing, and tariffs on China's imports via fentanyl,” a spokesman for China's Foreign Ministry. statement Early this month.
“That move is unfair and no one will do anything good. China's position is clear. We are prepared for practical cooperation with the United States based on equality and mutual respect.”
A White House spokesman said on Tuesday, “It's a mistake for China to retaliate last week.”
https://thehill.com/homenews/administration/5240057-bessent-china-tariff-retaliation/
