By Josh Boak and Fatima Hussein
Washington (AP) – The American Treasury Secretary, Scott Bessent, said in a Tuesday speech that the current confrontation on the prices against China was not durable and expects a “de -escalation” in the trade war between the two biggest economies in the world.
But in a private speech in Washington for Jpmorgan Chase, Bessent also warned that talks between the United States and China had not yet officially started. Trump has placed 145% import taxes on China, which was coupled with 125% prices on American products. Trump has placed prices on several dozen countries, which means that the stock market stumbles and interest rates are increasing on American debt while investors are concerned about slower economic growth and higher inflationary pressures.
“I say that China will be an SLOG in terms of negotiations,” said Bessent according to a transcription obtained by the Associated Press. “None of the parties think that the status quo is sustainable.”
The S&P 500 stock market index increased after Bloomberg News initially announced Bessent’s remarks.
The Trump administration met for interviews with counterparts from Japan, India, South Korea, European Union, Canada and Mexico, among other nations. But Trump has not shown any public indication that he plans to withdraw his reference rate at 10%, even if he insisted that he was looking for other nations to reduce their own import taxes and remove non -tariff obstacles which, according to administration
Originally published:
California Daily Newspapers
