The Treasury Department on Monday indicated that elimination of the trade war over President Trump’s strict tariff rates must come from China.
“They sell five times more than we sell to them, so I believe it is up to China to deescalate.
Investors and businesses want to quickly lower the strict 145% tax on Chinese products, especially the fastest tax rate, which can hinder complex supply chains in some industries.
Last week, Chinese media reported that Beijing is quietly exempting semiconductors from tariffs and considering more exclusions to save key industries.
But while the country publicly argued that trade talks with the US had not yet begun, Trump doubled his claim that Chinese officials had met with White House counterparts.
Trump’s other tariffs — the tough rates in many countries that fell to 10% for 90 days to give time to negotiations — feared reheating inflation and even the possibility of a recession.
Bessent said the US is in negotiations, particularly calling on India, which, as of February, accounts for nearly 3% of imports, according to Census Bureau data.
“I think India will be one of the first trade deals we will sign up for, so look at this space,” Bescent said Monday.
He said negotiations with other countries will not take place in the press.
“We have moved many countries forward and presented some very good suggestions, and we are evaluating them,” he told CNBC.
He also argued that European countries are likely to be “panic” over the strength of the euro. This rose nearly 10% against the US dollar this year after the currency was set to comparable in early January.
“You’re going to see it [European Central Bank] Europeans don’t want a strong euro. There is a strong policy. ”
