China's move to impose 84% retaliatory tariffs on the United States is a shameful and losing proposition for Beijing. This was stated by US Treasury Secretary Scott Bessent, quoted by "Reuters".
"I think it's a shame that the Chinese don't really want to come and negotiate because they are the biggest violators of the international trading system," he pointed out.
Bessent indicated that allies want to discuss how to balance China's trade policy in talks with US officials.
"That's the big win here. The US is trying to balance towards more production. China needs to rebalance towards more consumption," the minister explained.
Besent also warned Beijing not to try to devalue its currency as a way to respond to the new tariffs.
"If China starts to devalue, then it's a tax on the rest of the world and everyone will have to keep raising their tariffs to compensate for the devaluation. So I would urge them not to do that and to sit at the table," he insisted.
Besent did not rule out the removal of Chinese stocks from US exchanges, noting that all options are on the table.