Bessent believes China’s deadlock over tariffs will be ruled out
The Big Money Show panel examines the impact of tariffs on China amid trade uncertainty.
Treasury Secretary Scott Bessent said at Investor Summit on Tuesday that Fox Business has learned that the US and China are expected to rule out a deadlock on tariffs as it is unsustainable for both countries.
Bessent said negotiations have not been launched, but the transaction is possible. A source attending the Investor Summit told Fox Business. Bloomberg first reported the news.
The Treasury Secretary added that these trade talks will take time, but with current situations with rising tariffs, it is not considered sustainable on either side.
President Donald Trump has imposed tariffs on China, including a 20% tariff that led to the fentanyl crisis, as well as a 125% “mutual” tariff that draws the rate to 145%. Certain products also offer additional charges ranging from 7.5% to 100%.
The Chinese government retaliated, and as of April 12, it had raised tariffs in the US several times to a new rate of 125%.
This is a developing story. Please check for updates.