Scott Bessent recently addressed bankers about the U.S.'s strategy to negotiate trade deals with over 70 countries, aiming to isolate China economically. He emphasized the U.S.'s ability to work with traditional allies to combat China's trade practices. While Bessent acknowledges Trump's recent tariffs as a negotiating tactic, he expressed concern over China's role in escalating trade tensions, framing the U.S. as a leader seeking collaborative solutions with allies to restructure international trade dynamics.
In terms of escalation, unfortunately, the biggest offender in the global trading system is China, and they're the only country who's escalated.
I think ... at the end of the day that we can probably reach a deal with our allies, with the other countries that have been ... good military allies and not perfect economic allies.
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