Scott Bessent: Chinese Tariffs Unsustainable for Beijing

Tariffs and Economic Impact

• 🎯 Treasury Secretary Scott Bessent stated that Chinese tariffs are unsustainable for China over time.
• ⚠️ Bessent indicated that if current trends continue, China could lose 10 million jobs quickly, or 5 million jobs even with a tariff reduction.
• 📈 As the deficit country, the onus is on China to remove tariffs, as they sell significantly more goods to the US than vice versa.

US-China Consultations

• 💬 When asked about direct talks with Beijing regarding tariffs, Bessent declined to specify "who's talking to whom."
• 🗣️ He suggested that China plays to a different audience and has a different form of government, influencing their public statements.
• ❓ Bessent reiterated that he would not delve into the specifics of communication channels regarding tariffs.

Presidential Communication

• 📞 Regarding whether President Trump had spoken with Xi Jinping, Bessent humorously deflected, comparing their roles to running the White House switchboard.