Speaking at a closed-door event hosted by JPMorgan Chase, Treasury Secretary Scott Bessent said the enormous tariffs the world's two biggest economies placed on each other's imports this year amounted to a reciprocal trade embargo, but that he expects de-escalation.
These include duties initially imposed over China's alleged role in the fentanyl supply chain and later over practices Washington deemed unfair.
“They will not be anywhere near that number,“ he said, adding however that “it won’t be zero.”
Bessent told the JPMorgan event Tuesday that he expects a de-escalation in the near future, according to a person who was in the room.
Wall Street's major indexes jumped after a news report on Bessent's comments at the event, which took place on the sidelines of the International Monetary Fund and World Bank's Spring Meetings.
Bessent said there is much to be done at the end of the day with Beijing. But he noted the need for fair trade and said that China needs to rebalance its economy.
On Tuesday, White House Press Secretary Karoline Leavitt told reporters that Washington is “doing very well in respect to a potential trade deal with China.”
She said the feeling is that parties involved want to see a trade deal happen.
As global finance ministers and central bankers converge in Washington this week, all eyes are on the progress of trade talks on the sidelines of the spring meetings as countries grapple with Trump's new and wide-ranging tariffs.
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