U.S., China Tariffs Have to Fall for Talks to Start: Bessent

U.S. Treasury Secretary Scott Bessent on April 23 said he believes excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed, but added that President Donald Trump would not unilaterally cut tariffs on Chinese imports.

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WASHINGTON – U.S. Treasury Secretary Scott Bessent on April 23 said he believes excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed, but added that President Donald Trump would not unilaterally cut tariffs on Chinese imports.

Mr. Bessent told reporters on the sidelines of International Monetary Fund (IMF) and World Bank annual meetings that de-escalation was necessary for the world's two largest economies to rebalance their trading relationship.

Asked whether that meant a reduction in the 145 per cent U.S. tariffs on Chinese goods and China's 125 per cent tariffs on U.S. goods, he said: “I think that has to be, because again, neither side believes that these are sustainable levels. As I said yesterday, this is the equivalent of an embargo and a break between the two countries in trade does not suit anyone's interest.”

He also said there were no plans for Mr. Trump to move first in lowering tariffs to de-escalate a bitter U.S.-China trade war, echoing comments from White House spokeswoman Karoline Leavitt that there would be “no unilateral reduction in tariffs against China.”