"President Donald Trump said he saw the U.S. as locked in a trade war with China, even as Treasury Secretary Scott Bessent proposed a longer pause on high tariffs on Chinese goods to resolve a conflict over critical minerals. Well, you're in one now, Trump said Wednesday when asked by a reporter if the world's two largest economies are in for a sustained trade war if they cannot reach a trade deal."
"Trump spoke just hours after Bessent dangled the possibility of extending a pause of import duties on Chinese goods for longer than three months if China halts its plan for strict new export controls on rare-earth elements. The U.S. and China have agreed to a series of 90-day truces since earlier this year, with the next deadline looming in November. But all that's going to be negotiated in the coming weeks, Bessent said during a press conference in Washington."
"U.S. Trade Representative Jamieson Greer cast doubt that Beijing would go ahead with the plan, which he said would choke off trade in a wide variety of consumer products that contain even a trace of rare earths. The scope and the scale is just unimaginable, and it cannot be implemented, Greer said. In the meantime, Bessent predicted a coordinated response to China's move from the U.S. and several allies."
President Donald Trump described the U.S. as locked in a trade war with China and defended high tariffs as protection. Treasury Secretary Scott Bessent proposed extending a pause on import duties beyond three months if China halts planned strict export controls on rare-earth elements. The U.S. and China have used successive 90-day truces with the next deadline in November, and negotiations are expected in the coming weeks. U.S. equities rose after Bessent's comments. U.S. Trade Representative Jamieson Greer warned China's plan would choke off trade in many consumer products containing traces of rare earths. Bessent predicted a coordinated response from the U.S. and allies.
Read at www.bloomberg.com
Unable to calculate read time
Collection
[
|
...
]