Bessent: 'The Chinese do not want to negotiate, it is a pity but it is their loss'
The US Treasury Secretary also attacks Europe: 'Allying ourselves with Beijing is suicide'. On stock market declines: "Wall Street has become richer than ever, it is time for us to focus on the real economy".
2' min read
2' min read
"I think it is unfortunate that the Chinese do not want to come and negotiate with us on tariffs, they are the worst violators of the international trade system. And this escalation is a defeat for them." This was said by Treasury Secretary Scott Bessent in an interview with Fox, commenting on China's 84% counter-duties on imports from the US, and provoking new reactions even from European countries, which in turn are accused of being too close to Beijing.
'They are a country with a large trade surplus and a huge production capacity, Chinese exports,' Bessent continued, 'are five times our exports to China. So they can increase their tariffs, but so what? They are the ones who lose out."
The Treasury secretary then did not rule out further countermeasures by the White House, even beyond Donald Trump's threatened 125% tariffs on imports from China: 'All options are on the table,' he replied to those who asked him about the possibility of removing Chinese securities from American stock exchange listings. And he went on to urge the Chinese authorities not to devalue their currency the yuan: 'If it did, it would be a tax on the rest of the world'.
Bessent - who is considered a moderate in the Trump administration, as well as a liaison figure to the financial markets - also commented on the continued declines in the stock markets, assuring that 'although there is some uncertainty', the US economy is strong. "Wall Street is richer than ever and can continue to grow and succeed. But,' he explained, 'for the next four years, President Trump's focus is on the real economy. It's the turn of the real economy and savers, it's Main Street's turn'.
The US Treasury Secretary then turned scornfully to European countries and the EU. Aligning with China on trade is 'like cutting your own throat', approaching China in an attempt to offset the effects of US tariffs would be 'suicide', because - he remarked - 'China does nothing but produce and produce, and flood global markets by lowering prices'.
