Treasury Secretary Bessent says China's escalation was 'big mistake,' country playing with 'losing hand'
Source: CNBC
Published Tue, Apr 8 2025 7:22 AM EDT Updated 5 Hours Ago
Treasury Secretary Scott Bessent said Tuesday the U.S. holds a substantial advantage over China as the two nations exchange threats in a burgeoning trade war.
“I think it was a big mistake, this Chinese escalation, because they’re playing with a pair of twos,” Bessent said during an interview on CNBC’s “Squawk Box.” “What do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us, so that is a losing hand for them.”
The comments come a day ahead of the U.S. raising its duties on China and dozens of other nations as part of so-called reciprocal tariffs whose purpose, Bessent said, is to bring trading partners to the negotiating table and jobs back to the U.S.
So far, he said Japan has been at the forefront of countries eager to negotiate, and the White House expects a multitude of others.
Read more: https://www.cnbc.com/2025/04/08/treasury-secretary-bessent-says-chinas-escalation-was-big-mistake-country-playing-with-losing-hand.html
When they sell most of the manufactured goods that we buy, we have no "advantage". Someone needs to pull out the hook and get him off the stage.
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