Treasury Secretary Scott Bescent said the current state of the US trade war with China is “unsustainable” and informs support for de-expansion between the two countries.
When asked whether China’s tariffs would collapse, Bescent told reporters during a media roundtable Wednesday that “both sides believe the current situation is unsustainable.” The US imposes a 145% tariff on Chinese imports, and China then retaliates against the US with a 125% tariff.
Nevertheless, Bessent assures reporters that “we are heading towards certainty.”
Bescent also added that “both sides are waiting for talks to others,” making it clear that trade negotiations between the US and China have not begun.
“I think we need to have both sides de-escalation at this point,” Bescent said. “I would be surprised if they came down on each other.”
Bescent also said President Donald Trump has not yet made a unilateral offer to escape from escalation.
With no trade agreements yet, some American companies are reportedly reluctant to hire them during this period of uncertainty. Nevertheless, Bessent assures reporters that “we’re heading towards certainty.”
“It’s a three-legged stool and it seems like everyone wants to focus on one leg. That’s tariffs,” Bescent said. “The underreported story is that taxes are better than expected, and that’s a very strong Republican unity.”
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