According to US Treasury Secretary Scott Bessent, there is a chance for a “big deal” on trade between the US and China. When asked about a planned conference between the nations, Bessent stated that if China was serious about reducing its reliance on exports of manufactured goods, it would be a “incredible opportunity” to reach a deal.
“China needs to change. The nation is aware that change is necessary. Everyone is aware that something has to change. We also need to rebalance, therefore we want to help it evolve,” he added. The remarks coincide with the recent intensification of the trade conflict between the two largest economies in the world.
To boost American industry and preserve employment, US President Donald Trump has imposed a variety of import tariffs. China has responded with a 125% levy on US imports, although these include import levies of up to 145% on Chinese goods.
Bessent described it as a “matter of impetus and will” during his remarks at the Institute of International Finance conference on Wednesday. The US is attempting to rebalance to more manufacturing, which would mean less consumption, thus there is a significant deal opportunity here.
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