Catenaa, Wednesday, April 23, 2025- US Treasury Secretary Scott Bessent said on Wednesday that Trump administration is not considering slashing steep tariffs on Chinese imports to de-escalate the trade war.
Bessent told reporters that high duties imposed by both sides need to come down mutually before talks can begin between the two economies.
“Neither side believes that these are sustainable levels,” he said. “This is the equivalent of an embargo and a break between the two countries in trade does not suit anyone’s interests.”
The US has currently imposed tariffs amounting to 145% on Chinese goods, while China has responded by imposing tariffs of 125% on US goods.
Bessent turned down media reports claiming that the Trump administration is considering slashing steep tariffs on Chinese imports in some cases by more than half as a way of de-escalating tensions and could also be considering a tiered approach.
Bessent said he would be surprised that discussions on slashing tariffs by the administration is happening, noting “no unilateral offer from the president to de-escalate, not at all.”
Though he added, “I don’t think either side believes that the current tariff levels are sustainable, so I would not be surprised if they went down in a mutual way.”
Bessent said, talks will be done at the very top between President Trump and Chinese President Xi, while adding that the US hopes to strike trade deals with 14 other countries.
He said the US and India are “very close” to a deal, echoing comments from Vice President JD Vance.
He expects there will be clarity on tariffs and a new tax bill by the third quarter of the year, allowing the administration to then focus on deregulation.
