Treasury Secretary Suggests China Tariffs Could Be Lowered 'In A Mutual Way'
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Sec. Scott Bessent also emphasized again that "neither side believes that these are sustainable levels."
WASHINGTON, April 23 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Wednesday that he believes that excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed but said President Donald Trump would not unilaterally cut tariffs on Chinese imports.
Bessent told reporters on the sidelines of International Monetary Fund and World Bank annual meetings that de-escalation was necessary for the world’s two largest economies to rebalance their trading relationship.
Asked whether that meant a reduction in the 145% U.S. tariffs on Chinese goods and China’s 125% tariffs on U.S. goods, Bessent said: “I think that has to be, because again, neither side believes that these are sustainable levels. As I said yesterday, this is the equivalent of an embargo and a break between the two countries in trade does not suit anyone’s interest.”
Bessent said there were no plans for Trump to move first in lowering tariffs to de-escalate a bitter U.S.-China trade war, echoing comments from White House spokesperson Karoline Leavitt that there would be “no unilateral reduction in tariffs against China.”
“I would not be surprised if they went down in a mutual way,” Bessent added.
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