TMTPOST -- U.S. Treasury Secretary Scott Bessent implied on Tuesday the trade war between the world’s top two economies will de-escalate soon as a White House spokesperson suggested the Trump administration is gearing up a possible trade deal with China.
Credit：China Central Television
The tariff standoff with China is unsustainable and is expected to de-escalate, Bloomberg reported, citing Bessent in a speech at a close-door investor summit for JPMorgan Chase & Co. in Washington. Bessent was reported to claim a deal between U.S. and China is possible, though talks haven’t formally started yet.
A CNBC source echoed the publication, stating Bessent told investors that he expects “there will be a de-escalation” in U.S.-China trade war in the “the very near future.” “No one thinks the current status is sustainable” with the tariff rates at their current levels, according to the CNBC source, which is a person in the summit room.
The Associated Press also reported Bessent believes the traiff showdown against China is unsustaniable and a “de-escalation” in the trade war is expected to come. But the news agency noted the Treasury Secretary cautioned the U.S.-China negotiations haven’t started yet.
“I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”
The Trump administration is preparing for trade talks with China, White House press secretary Karoline Leavitt said at a press briefing later Tuesday.
“The president and the administration are setting the stage for a deal with China,” Leavitt said. “So, we feel everyone involved wants to see a trade deal happen, and the ball is moving in the right direction.”
Leavitt added that she did not have anything to report on whether Trump has spoken directly with Chinese President Xi Jinping. She also declined to elaborate on comments from Bessent.
Leavitt told reporters the U.S. government has so far had 18 proposals on paper for trade deals after President Donald Trump announced the sweeping reciprocal tariffs. "I spoke to our entire trade team this morning. There is a lot of progress being made. We now have 18 proposals on paper that have been brought to the trade team. Again, these are proposals on paper that countries have proposed to the Trump administration and to our government," said Leavitt.
Trump unveiled on April 2 his worldwide reciprocal tariff plan. Under the plan, a new blanket 10% tariff on all countries came into force on April 5 at 12:01 a.m. Eastern Time, and the countries with which the United States has the largest trade deficits will face an individualized reciprocal higher tariff, effective from April 9 at 12:01 a.m. Eastern Time. All other countries will continue to be subject to the original 10% tariff baseline.
Trump two weeks ago announced he has authorized a 90-day pause and “a substantially lowered reciprocal tariff” of 10% during this period, both effective immediately. The decision was made because more than 75 countries have reached out to the U.S. to seek a trade deal and these countries have not retaliated against the U.S., Trump posted on his social media Truth Social on April 9.
In the same post, Trump said he decided to lift tariffs on China to 125% as Beijing on Wednesday announced it ratcheted up tariffs on U.S. to 84% from 34%. “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump on Wednesday said in a post on his social media Truth Social.
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