Urgent Need for Tariff De-escalation

US Treasury Secretary Scott Bessent has underscored the critical need for a de-escalation of tariffs between the US and China, framing the current trade tensions as a complex, multi-step process that demands mutual cooperation.

Revisiting the Phase One Deal

During a revealing interview with Fox Business Network, Bessent pointed to the noticeable economic slowdown in China and proposed a reevaluation of the "phase one" trade agreement initiated under President Donald Trump's administration.

Potential Economic Impacts

Bessent issued a stark warning regarding the timing of holiday orders, suggesting that delays could have severe repercussions for China's economy. Furthermore, he highlighted the potential loss of 5 to 10 million jobs in China due to existing US tariffs.