US Treasury Secretary Advocates for Tariff De-escalation with China

In a recent interview with Fox Business Network, US Treasury Secretary Scott Bessent emphasized the necessity of reducing tariffs with China. He described the ongoing situation as a "multi-step process" that demands Beijing's cooperation to achieve meaningful progress.

Revisiting the "Phase One" Trade Deal

Bessent pointed out the noticeable slowdown in China's economy and proposed revisiting the "phase one" trade deal initiated during President Donald Trump's first term. This move could potentially ease the current economic tensions between the two nations.

Potential Economic Consequences

The Treasury Secretary issued a stark warning regarding the impact of US tariffs on China's economy, suggesting it could lead to the loss of 5 to 10 million jobs. Additionally, he highlighted the critical nature of holiday orders for China's economic stability, indicating that failure to place these orders could have devastating effects.