Make up your fucking mind. - Bessent says there's 'no unilateral offer' to slash tariffs on China [View all]

Treasury Secretary Scott Bessent denied a Wall Street Journal report that the White House is considering unilaterally slashing tariffs on Chinese imports, saying that both sides need to mutually take down tariff levels before trade talks can begin.

“Neither side believes that these are sustainable levels,” Bessent said. “This is the equivalent of an embargo, and a break between the two countries in trade does not suit anyone's interests.”

Stocks soared on Wednesday as relief swept Wall Street amid hopes of an off-ramp from the weeks-long trade battle with China. The Wall Street Journal reported that the Trump administration was considering many approaches, including taking tariffs on Chinese goods from a baseline rate of 145% to 50%-65%.

President Trump had hinted at a trade-war deescalation with China on Tuesday, saying of the tariff levels: "145% is too high. It will come down substantially."

https://finance.yahoo.com/news/live/trump-tariffs-live-updates-bessent-says-theres-no-unilateral-offer-to-slash-tariffs-on-china-191201348.html