Scott Bessent, the U.S. Treasury Secretary, remarked on the potential for an agreement with China regarding tariffs after discussions during the IMF meetings in Washington. While President Trump suggested active negotiations, the Chinese government denied any talks and criticized the U.S. for its approach. Chinese Foreign Minister Wang Yi underscored their commitment to international norms and dismissed U.S. behaviors as aggressive. Bessent noted the contradiction, asserting that China recognizes the need for de-escalation and that high tariffs are unsustainable for their economy, enabling the possibility of a future agreement in principle over numerous trade deals.
Bessent suggested a path to resolving tariff disputes with China, emphasizing that current high tariffs are unsustainable for their business and encouraging future negotiations.
Despite President Trump's assertions on negotiations, China denied the progress and criticized the U.S. for creating confusion. They expressed a commitment to international rules.
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