Treasury Secretary Scott Bessent emphasized on Monday that the responsibility for resolving trade tensions lies with China. “It’s up to China to de-escalate, as they sell five times more to us than we sell to them. These tariffs, ranging from 120% to 145%, are unsustainable,” Bessent stated during an interview on CNBC’s “Squawk Box.” This comes amid market uncertainty following President Donald Trump’s announcement of global tariffs on April 2. While Trump later postponed more aggressive tariffs for 90 days, Bessent noted progress in negotiations, particularly with India. He also mentioned that European nations might be concerned about the euro’s strength against the dollar since trade tensions began. Bessent predicted that the European Central Bank might cut rates to weaken the euro. Despite mixed signals from administration officials, Bessent assured that negotiations would not be conducted through the press.
— new from CNBC
