Treasury Secretary Scott Bessent warned Wednesday that China’s decision to retaliate against President Donald Trump’s tariffs will ultimately backfire.
China announced it is raising tariffs on American goods from 34% to 84% in response to Trump hiking tariffs on Chinese goods from 54% to 104%, CNBC reported. Bessent argued on “Mornings with Maria” that because China exports far more to the U.S. than it imports, it has more to lose in a trade war. (RELATED: ‘I Never Met A Tax Cut I Didn’t Like’: Kudlow Examines Possible Benefits And Pitfalls Of Trump Tariffs)
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“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate because they are the worst offenders in the international trading system. They have the most imbalanced economy in the history of the modern world,” Bessent told host Maria Bartiromo. “And, you know, I…
