China Imposes 84% Retaliatory Tariffs on U.S.

U.S. Treasury Secretary Scott Bessent has criticized China's decision to impose 84% retaliatory tariffs on American goods, describing it as unfortunate and ultimately detrimental for Beijing. In a Fox Business Network interview, Bessent expressed disappointment over China's lack of willingness to negotiate, asserting that the U.S. aims to shift its trade focus towards manufacturing while urging China to increase its consumption. He warned against any attempts by China to devalue its currency in response to the tariffs. Bessent's comments reflect broader concerns within the U.S. administration regarding China's trade practices and the potential long-term impacts of these tariffs on the Chinese economy. This trade escalation comes amid ongoing tensions and calls for rebalancing trade relations between the two nations.