US Treasury Secretary Advocates for Tariff De-escalation

In a recent interview with Fox Business Network, US Treasury Secretary Scott Bessent underscored the necessity of reducing tariffs with China. He described the ongoing situation as a "multi-step process" that demands mutual cooperation from Beijing.

Economic Implications Highlighted

Bessent pointed out the noticeable economic slowdown in China and proposed revisiting the "phase one" trade deal initiated during President Donald Trump's first term. This move, he suggested, could pave the way for more stable economic relations between the two nations.

Potential Job Losses in China

The Treasury Secretary also issued a warning regarding the potential impact of US tariffs on China's job market. He estimated that these tariffs could lead to the loss of 5 to 10 million jobs in China, further exacerbating the economic challenges faced by the country.