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. Describing the current trade tensions as a "multi-step process", Bessent emphasized that Beijing's cooperation is essential to navigate through these challenges.

Revisiting the Phase One Trade Deal

During a revealing interview with Fox Business Network, Bessent pointed to the noticeable slowdown in China's economy. He proposed a revisit to the "phase one" trade agreement initiated under President Donald Trump's administration as a potential pathway forward.

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 that the existing US tariffs might jeopardize between 5 and 10 million jobs in China, painting a grim picture of the economic stakes involved.