US Seeks Cooperative Path with China on Tariffs

In a recent interview with Fox Business Network, US Treasury Secretary Scott Bessent stressed the importance of reducing tariffs with China, framing the current economic standoff as a "multi-step process" that necessitates Beijing's cooperation.

Revisiting the Phase One Trade Deal

Bessent pointed to the noticeable deceleration in China's economy as a critical moment to reconsider the "phase one" trade agreement initiated under President Donald Trump's administration.

Potential Economic Impacts Highlighted

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 estimated that US tariffs might endanger 5 to 10 million jobs in China.