US Treasury Secretary Addresses Trade Concerns with China
(MENAFN) In remarks made on Tuesday, US Treasury Secretary Scott Bessent clarified that the United States has not yet initiated any trade discussions with China, which remains one of its 18 most crucial commercial partners.
Speaking before the House Appropriations Subcommittee on Financial Services and General Government, Bessent addressed apprehensions surrounding the ongoing trade disparity and China's economic conduct.
During his testimony, Bessent told lawmakers, "China -- we have not engaged in negotiations as of yet."
He acknowledged that the existing trade shortfall with China stands at roughly USD300 billion, attributing a portion of this gap to practices he deemed unjust.
Bessent pointed to China's "exploitation of child/slave-like labor and theft of intellectual property" as contributing to an unbalanced trade environment.
These issues, he indicated, significantly skew the competitive landscape to China’s advantage.
Although discussions with Beijing have not commenced, Bessent revealed that the United States is actively negotiating with 17 other key trading nations.
"I would be surprised if we don't have more than 80% or 90% of those wrapped up by the end of the year," he stated, suggesting that some agreements could be disclosed "as early as this week."
The primary objectives of these trade talks, according to Bessent, are to significantly lower import taxes imposed on US goods, dismantle non-tariff restrictions, and tackle issues like currency manipulation and financial aid to industries.
He noted, "The strategic uncertainty is part of negotiations," underscoring the complex nature of international economic diplomacy.
Defending the administration’s stance on tariffs, Bessent posed a rhetorical question: "If tariffs are so bad, why do they like them?"—referring to foreign governments' own use of such measures.
He emphasized that indirect trade barriers can be "more insidious" and insisted that tariffs are "100%" a means of safeguarding American employment.
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