Washington:
Treasury Secretary Scott Besent said on Monday that there was no reason that the US and Chinese economies had to be separated, saying that two economic powerhouse trade tariffs could also be made as a deal.
“To be done at some point” Bessent said that when Bloomberg TV was asked about the possibility that the world’s largest economies would be reduced.
“There needs to have decupping, he said,” But there can be there. “
Besant insisted that a deal with China would be more difficult than other countries because “China is both our biggest economic competitive and our biggest military rival.”
The world’s two largest economies have been closed in a rapidly growing game of brinkmash as US President Donald Trump launched a global tariff attack that specifically targeted Chinese imports.
Tight-for-tat exchanges have noticed that the levy we have imposed on China have increased by 145 percent, with Beijing set up an anti-retaliation 125 percent band on US imports.
The US side has sent mixed messages as to what it wants to achieve and whether the tariffs that will rock the world economy can be avoided.
The White House recently appeared to dial the pressure, linging tariff discounts for smartphones, laptops, semiconductors and other electronic products, for which China is a major source.
But Trump and some of his top colleagues said on Sunday that the discount was misunderstood and would only be temporary as his team chased fresh tariffs against several items in the list.
“Nobody ‘is not getting away from hooks’ … especially not China, which so far, considers us the worst!” He posted on his true social platform.
Besant warned that Trump’s tariff “was not a joke.”
“These are in large numbers. I think no one thinks they are sustainable, they want them to stay here.”
China’s Xi Jinping on Monday shut down the tour of South -East Asia with a visit to Vietnam – where he warned that protectionism “would not take anywhere” and a business war “would be no winner.”
Xi’s top leader of Vietnam said, “We should strengthen strategic resolve, jointly oppose unilateral bullying, and maintain the stability of industrial and supply chains along with the global free trade system.”
The White House has stated that Trump remains optimistic about acquiring a trade deal with China, although the administration officials have made it clear that they hope that Beijing will reach before.
Trade war is raising the possibility of an economic recession as dollars dump tumbles and investors dump the US government bonds, usually a safe shelter investment.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)