After China announced 84 percent retaliatory tariffs on American goods, U.S. Treasury Secretary Scott Bessent described the move as unfortunate during an appearance on Fox Business Network.
Just a while ago, the Chinese finance ministry announced that it was imposing additional tariffs of 84 per cent, up from the previous 34 per cent, on all US goods. The ministry noted that this retaliatory tariff will come into effect from April 10.
After China announced 84 percent retaliatory tariffs on American goods, U.S. Treasury Secretary Scott Bessent described the move as unfortunate during an appearance on Fox Business Network.
Bessent suggested that China "should not try to devalue their way out of" the ongoing tariff conflict and urged Beijing to engage in negotiations.
He also emphasized that China should focus on addressing the issue of fentanyl precursors being exported to the U.S., a concern frequently raised by President Donald Trump.
Fentanyl has been a major point of tension in U.S.-China relations, with Trump accusing Beijing of doing too little to stop its export to the U.S. In response, China has blamed the Trump administration for using the fentanyl issue as an excuse to impose tariffs, with the Chinese foreign minister even labeling it "blackmail."
In his statement further, Treasury secretary Bessent also reportedly noted that allies coming to the US should think about "how to rebalance China".
84% Tariffs On US
Just a while ago, the Chinese finance ministry announced that it was imposing additional tariffs of 84 per cent, up from the previous 34 per cent, on all US goods. The ministry noted that this retaliatory tariff will come into effect from April 10.
In a statement introducing its white paper on trade with the US, China's Commerce ministry said, "If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end."
China also added the names of 12 US entities to its export control list, while 6 others were named in the "unreliable entity" list.
Meanwhile, Beijing also filed a new complaint to the World Trade Organisation on Wednesday against further US tariff measures, the Chinese mission to the WTO said in a statement.