Treasury Secretary Scott Bessent said that China is in jeopardy of losing millions of jobs amid escalating tension between Beijing and the U.S. stemming from tariffs.
“I think that over time we will see that the Chinese tariffs are unsustainable for China,” Bessent told reporters at the White House Tuesday. “I’ve seen some very large numbers over the past few days that show if these numbers stay on, Chinese could lose 10 million jobs very quickly. And even if there is a drop in the tariffs that they could lose 5 million jobs.”
“So remember that we are the deficit country,” Bessent said. “They sell almost five times more goods to us than we sell to them. So the onus will be on them to take off these tariffs. They’re unsustainable for them.”
President Donald Trump announced widespread tariffs against a host of countries April 2, after routinely condemning other countries’ trade practices and accusing them of engaging in unfair trade practices against the U.S.
HERE’S A CLOSER LOOK AT TRUMP’S TARIFF PLAN: WHAT TO KNOW ABOUT THE NEW DUTIES
The administration later walked back its initial proposal, and announced April 9 it would immediately hike tariffs on Chinese goods to 145%, but scale back reciprocal tariffs on other countries for 90 days to a baseline of 10%. In response, China proceeded to boost its tariffs on U.S. goods to 125%.
Bessent also signaled a trade deal with India, and possibly other Asian countries, could emerge in the near future.
“They have been the most forthcoming in terms of doing the deals,” Bessent said. “As I mentioned, Vice President Vance was in India last week. I think that he and Modi made some very good progress. So I could see some announcements on India.”
Likewise, Bessent said that negotiations were advancing with South Korea and Japan.
HERE’S A CLOSER LOOK AT TRUMP’S TARIFF PLAN: WHAT TO KNOW ABOUT THE NEW DUTIES
Vice President JD Vance visited India’s Prime Minister Narendra Modi in April, and the White House said in a statement April 21 that the two made “significant progress” in a trade deal between the two countries, “laying down a roadmap for further discussions about our shared economic priorities.”
“Vice President Vance appreciates the warm welcome he received in India and deeply respects Prime Minister Modi,” Vance’s Press Secretary Taylor Van Kirk said in a statement to Fox News Digital. “The two leaders announced vital progress towards a final trade deal between the U.S and India. A strong U.S.-India partnership is critical to both of our economies and to the future of the world.”
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