U.S. Treasury Secretary Scott Bessent reportedly said that the high level of tariffs the US and China had imposed on each other was 'the equivalent of an embargo' but are not sustainable. Bessent said the tariffs ' 145% on Chinese products and 125% on U.S. products ' would have to come down before trade talks can proceed, but said Trump would not make that move unilaterally. US Treasury Secretary Scott Bessent said on Tuesday that the ongoing tariff showdown against China is unsustainable, and he expects a 'de-escalation' in the trade war between the world's two largest economies in the near future. However, the Trump administration noted late Wednesday that the US will set tariffs for China over the next two to three weeks, and it depends on China how soon tariffs can come down.

Powered by Commodity Insights