The US Treasury Secretary

Bessent calls for de-escalation with China and agreements with India and Japan

Treasury Secretary Scott Bessent emphasises the need for de-escalation in the tariff dispute with China and announces the proximity of agreements with India and Japan

22 April 2025

Segretario del Tesoro Usa: Bessent auspica de-escalation con la Cina e accordi con India e Giappone

2' min read

Treasury Secretary Scott Bessent emphasised at an event with private investors the need for a short-term de-escalation in the US-China tariff dispute. This was reported by a source in the room to Nbc News.

Bessent noted that negotiations with Beijing have not yet started, but called the current mutual embargoes unsustainable, he added. Bessent, the source added, said he was optimistic that the two sides could eventually reach an agreement, but China must be ready to enter into one.

White House close to agreements with India and Japan

The White House is 'close' to a general agreement with Japan and India on tariffs, although the final details of the understanding could take months. This is reported by Politico citing sources that the White House is working on 'memoranda of understanding'.

Meanwhile, however, the US is preparing to impose tariffs of up to 3,521% on solar panels imported from Cambodia, Malaysia, Thailand and Vietnam. This was announced by the Department of Commerce, which accuses Beijing of indirectly supporting production in these countries, thus circumventing existing restrictions against Chinese products.

The initiative stems from an investigation launched in April 2024 at the request of the American Solar Industry Alliance, according to which many companies in South-East Asia are in reality controlled by Chinese giants and thus support unfair competition thanks to state subsidies. According to the International Trade Administration (ITA), concrete evidence of transnational subsidies emerged for the first time, a practice that allowed foreign manufacturers to artificially lower their costs, damaging the US market.

The tariffs proposed range from a low of 34.41% for Malaysian products to a staggering 651.85% for Cambodian ones. But for two companies in particular, Hounen Solar and Solar Long PV-Tech, the duty would even rise to 3,521%, more than 35 times the value of the products sold.

In total, almost USD 12 billion of imports registered in 2023 would be affected. The measure, if approved, would be in addition to the 10% across-the-board duty introduced by President Trump on 2 April on a wide range of imported goods, including photovoltaics, as well as other customs duties temporarily suspended.

Prior to entry into force, it will be up to the International Trade Commission (ITC) to assess by 2 June whether the subsidies actually distorted competition in the US market. Only then will the duties become operative.

For Washington, it is a new front in the trade war against Beijing, which, although not directly affected, now sees in South-East Asia a production network that risks being closed to the world's largest economy.

White House, we received 18 proposals on duties

The White House claims to be close to several tariff agreements with various countries. "We have received 18 black on white proposals so far," said spokeswoman Karoline Leavitt. "The president's economic team is working at full speed to get the deals done," she added.

White House, talks with China are going very well

Leavitt also said that "talks" for a tariff agreement with China "are progressing very well", pointing out that there has not yet been a phone call between Donald Trump and Chinese President Xi Jinping. "The ball is moving in the right direction," he added.