Treasury Secretary Scott Bessent told an investor summit on Tuesday that he expects the U.S. and China will de-escalate the impasse over tariffs because it’s unsustainable for both countries, FOX Business has learned.
Bessent said that while negotiations haven’t started, a deal is possible, a source who attended the investor summit told FOX Business. Bloomberg first reported the news.
The treasury secretary added that those trade talks will take time, but the status quo with elevated tariffs isn’t viewed as sustainable by either side.
President Donald Trump imposed tariffs on China, including 20% tariffs he tied to the fentanyl crisis, plus a 125% “reciprocal” tariff that brings the rate to 145%. Certain goods are also subject to additional tariffs that range between 7.5% and 100%.
The Chinese government retaliated, raising tariffs on the U.S. in several increments to a new rate of 125% as of April 12.
This is a developing story. Please check back for updates.
