US Treasury Secretary Scott Bessent said “all aspects” of the US government are in contact with China but that it's up to Beijing to take the first step in de-escalating the tariff fight with the US due to the imbalance of trade between the two nations.
“We'll see where this goes,” Bessent said in an interview with CNBC. “As I've repeatedly said, I believe it's up to China to de-escalate because they sell five times more to us than we sell to them, so these 125% tariffs are unsustainable.”
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The Chinese exempting some goods from tariffs indicates they are interested in reducing tensions, Bessent said, adding that he has “an escalation ladder in my back pocket and we're very anxious not to have to use it.” Escalation could include an “embargo,” he said.
Bessent said the US has put China to the side for now as it seeks trade deals with between 15 to 17 other countries. He said he wouldn't be surprised if a trade deal with India is the first to be announced.
Bessent also said that US officials met with their Chinese counterparts during the IMF-World Bank meetings in Washington, DC, last week to talk about “financial stability” but did not indicate that trade discussions came up during the talks.
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