China tariff escalation a big mistake, US Treasury Secretary says

From brecorder.com

U.S. tariff negotiations are the result of calls from other countries not sliding financial markets and China’s escalation is a big mistake, U.S. Treasury Secretary Scott Bessent said on Tuesday. “I think it was a big mistake, this Chinese escalation,” Bessent said in an interview with CNBC. “We are the deficit country. So what do we lose by the Chinese raising tariffs on us? We export one fifth to them of what they export to us. So that is a losing hand for them.” President Donald Trump will be personally involved in trade negotiations, Bessent said. “Everything is on the table,” Bessent said when ... (full story)