Scott Bessent: A New Direction in U.S.-China Trade Talks

U.S. Treasury Secretary Scott Bessent discussed the need for reducing high tariffs between the U.S. and China to advance trade negotiations. He stated that both countries seek sustainable trade levels, but President Trump won't cut tariffs unilaterally. Ongoing negotiations involve multiple countries, including India and Japan.

U.S. Treasury Secretary Scott Bessent emphasized the necessity of reducing high tariffs between the U.S. and China to facilitate progress in trade discussions. His comments came during the International Monetary Fund and World Bank annual meetings, reflecting concerns that current tariff levels are unsustainable for both countries.

Bessent expressed optimism about a mutual reduction in tariffs, although he made it clear that President Donald Trump would not initiate such a move unilaterally. He noted that trade talks are ongoing not only with China but with other major partners, including India, where negotiations are progressing due to India's relatively straightforward trade barriers.

Beyond China, Bessent highlighted challenges with European Union nations over digital services taxes aimed at U.S. technology firms, as well as comprehensive talks with Japan involving tariffs and other economic factors. The administration continues to prioritize balancing the U.S. trade deficit through these various international negotiations.

(With inputs from agencies.)