U.S.-China Trade Talks: High Tariffs Under Scrutiny

U.S. Treasury Secretary Scott Bessent emphasized the need to reduce high tariffs between the U.S. and China to facilitate trade negotiations. He described the current tariffs as unsustainable, likening them to an embargo, and stressed the importance of rebalancing trade relations between the world's two largest economies.

In a decisive move to promote smoother U.S.-China trade discussions, U.S. Treasury Secretary Scott Bessent has called for a reduction in the high tariffs currently in place.

Speaking at the IMF and World Bank annual meetings, Bessent asserted the necessity of scaling back the 145% tariffs on Chinese goods and the 125% tariffs applied by China on U.S. products.

Highlighting the urgency, he compared the present situation to an embargo, noting the impracticality of continued high tariffs for both nations as they aim to recalibrate their trading relationship.

(With inputs from agencies.)