Urgent Need for Cooperation

US Treasury Secretary Scott Bessent has emphasized the urgent need for a de-escalation of tariffs with China, describing the current trade tensions as a complex, multi-step process that demands immediate cooperation from Beijing.

Economic Implications

During an insightful interview with Fox Business Network, Bessent pointed out the significant slowdown in China's economy. He suggested that it might be time to revisit the "phase one" trade deal initiated during President Donald Trump's first term to mitigate further economic damage.

Potential Job Losses

Bessent issued a stark warning about the potential consequences of not placing holiday orders, which could have devastating effects on China's economy. He further highlighted that the existing US tariffs could lead to the loss of between 5 and 10 million jobs in China, underscoring the high stakes involved in the ongoing trade negotiations.