US Treasury Secretary Scott Bessent said on Wednesday that he believes that excessively high tariffs between the US and China will have to come down before trade negotiations can proceed.
Bessent told reporters on the sidelines of International Monetary Fund and World Bank annual meetings that de-escalation was necessary for the world’s two largest economies to rebalance their trading relationship.
Asked whether that meant a reduction in the 145% US tariffs on Chinese goods and China’s 125% tariffs on US goods, Bessent said: “I think that has to be,…
