US Treasury Secretary Scott Besant said he does not consider the current escalation in relations with China a trade war. “I would not call it a trade war, but I would say that China is escalating and President Donald Trump has responded to that very boldly. We will work with our trading partners to resolve this issue“, the Treasury Secretary said during a meeting with reporters at the White House.
“We will see what China does. But what I am sure of is that China's actions will affect their economy much more than ours“, explained Besant.
Earlier on Wednesday, Trump announcedthat he would raise import tariffs on China to 125%. In addition, the head of the White House noted that he was suspending the increase in tariffs for 90 days for other countries that have shown a willingness to negotiate. They will be subject to import duties of 10%.
On April 2, Trump announced the introduction of tariffs on products from 185 countries and territories. Russia is not on this list. In relation to China, US tariffs were initially set at 34%. In response, the Chinese authorities announced that from April 10 they would introduce additional tariffs of 34% on all products imported from the United States.
Later, the head of the White House announced that the United States would impose a tariff of 104% on Chinese products until the Chinese authorities agree to a trade agreement with the United States. In response, China increased tariffs on American goods from 34% to 84%.