Treasury Secretary Aims for Tariff Deals Amidst Global Tensions

U.S. Treasury Secretary Scott Bessent anticipates reaching tariff agreements with allies, warning against closer ties with China. Despite market upheaval, Bessent asserts economic stability and notes international interest in negotiations. As Trump's tariffs take effect, global markets falter, and fears of a shift in foreign investments arise.

U.S. Treasury Secretary Scott Bessent voiced optimism over potential tariff agreements with U.S. allies, cautioning against the risks of deepening alliances with China. As he prepared for upcoming negotiations with over 70 countries, Bessent highlighted the economic perils of aligning too closely with Beijing.

Addressing the American Bankers Association in Washington, Bessent affirmed the economy's resilience despite turmoil triggered by President Trump's aggressive tariff strategy. These measures, designed to combat trade deficits, have disrupted global trade dynamics and sowed fears of recession.

As Trump's significant tariffs on Chinese imports took effect, global markets wavered, sparking concerns over foreign capital retreating from U.S. shores. Yet, Bessent emphasized strong interest from U.S. allies in reducing tariffs, underscoring ongoing discussions with leaders from Japan and South Korea, and a scheduled meeting with Vietnam.

(With inputs from agencies.)