Bessent Calls China's 84% Tariff 'Loser Move' Amid Trade War

Treasury Secretary Scott Bessent criticized China's decision to impose an 84% retaliatory tariff on U.S. goods, labeling it a 'loser move' that showcases China's economic vulnerability. Bessent explained that China's economy is heavily reliant on exports to the U.S., which outpace U.S. exports to China by five to one, diminishing Beijing's negotiating power. He suggested that the escalation in tariffs, prompted by President Trump's recent increases, would ultimately harm China more than the U.S. Furthermore, Bessent called for China to address its role in fentanyl exports, urging them to negotiate based on equality and mutual respect. Despite the tensions, he expressed confidence that the issue could be resolved at the highest diplomatic levels between leaders Trump and Xi Jinping. China's response reiterated its commitment to 'fight to the end' in this trade conflict, indicating reluctance to engage in negotiations under current conditions.