Treasury Secretary Bessent says there's an opportunity for a 'big deal' with China
Treasury Secretary Scott Bessent said that there's an opportunity to do a "big deal" with China to reduce tariffs if the Chinese government is willing to rebalance its economy.
Treasury Secretary Scott Bessent on Wednesday said that there's an opportunity for a "big deal" with China to lower tariffs if Beijing is willing to take steps to rebalance its economy.
Bessent delivered keynote remarks at the Institute of International Finance (IIF) and participated in a question-and-answer session in which he said the U.S. and China could make a deal on tariffs if China is willing to adjust its economy toward more consumption and less of a reliance on manufacturing exports.
"There is an opportunity for a big deal here," Bessent said. "The U.S. is looking to rebalance to more manufacturing. The identity of that would be less consumption."
"If China is serious on less dependence on export-led manufacturing growth and a rebalancing toward a domestic economy – I think they use the term dual circulation, well, right now it's really singular circulation. And if they want to rebalance, let's do it together. This is an incredible opportunity," Bessent said.
This is a developing story. Please check back for updates.
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