Bessent mocks China’s new tariffs: They can raise them, but so what
Photo: Scott Bessent, US Treasury Secretary (Getty Images)
The US sees no issue with China imposing 84% tariffs on American goods. According to Washington, this puts Beijing at a disadvantage, states US Treasury Secretary Scott Bessent during a broadcast on Fox News.
The US Treasury Secretary called it unfortunate that China is unwilling to negotiate tariffs with the US. According to him, China is "the worst violator in the international trading system" and has "the most unbalanced economy in the history of the modern world."
"I can tell you that this escalation is a loser for them, that they have some very smart the economist and the academicians, technocrats within their bureaucracy, and they would be telling the leadership that we do not have the edge here. They are the surplus country that their exports to the U.S. are five times our exports to China. So they can raise their tariffs. But so what?" he added.
Bessent also clarified that no one wins in such a trade war, but the consequences for China will be "much worse."
China’s tariffs
The US announced yesterday, April 8, that it imposes 104% tariffs on China. Washington took this drastic step after Beijing refused to comply with its ultimatum to lift additional tariffs on imports of American goods.
In response, China today, April 9, imposed a symmetrical measure.
Amid these decisions by both countries, oil prices continue to plummet. In particular, as of today, Brent crude oil futures have dropped by 3.8% to $60.4 per barrel.
