Urgent Call for Cooperation

In a recent interview with Fox Business Network, US Treasury Secretary Scott Bessent stressed the importance of de-escalating tariffs with China. He described the current trade tensions as a "multi-step process" that necessitates Beijing's cooperation to resolve.

Revisiting the Phase One Deal

Bessent pointed to the noticeable slowdown in China's economy as a critical factor, suggesting a revisit to the "phase one" trade agreement negotiated during President Donald Trump's administration. This move, he argued, could pave the way for more stable economic relations between the two nations.

Potential Economic Impacts

The Treasury Secretary issued a stark warning about the potential consequences of not placing holiday orders, which could severely impact China's economy. Furthermore, Bessent highlighted that ongoing US tariffs might result in the loss of 5 to 10 million jobs in China, underscoring the urgency for a negotiated solution.