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U.S. Treasury Secretary Signals De-Escalation in China Trade War Amid 145% and 125% Tariffs, S&P 500 Rises 2.5%

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Published Apr 24, 2025, 10:26 PM

U.S. Treasury Secretary Scott Bessent has declared the ongoing trade war with China as unsustainable, signaling a potential de-escalation in the near future. Speaking at a private event hosted by JPMorgan Chase in Washington, Bessent emphasized that neither the U.S. nor China believes the current tariff levels can be maintained.

The current tariffs stand at 145% on Chinese products and 125% on U.S. products, which Bessent likened to an embargo. He stated that these rates would need to be reduced before trade negotiations could proceed, although he noted that President Donald Trump would not unilaterally lower them.

Despite the high tariffs, President Trump expressed optimism about the U.S. relationship with China, suggesting that the final tariff rate would be substantially lower than the current 145%. The White House has been considering a significant rate cut on Chinese imports to as low as 50% to advance negotiations, though no specific figures have been confirmed.

The U.S. stock market reacted positively to Bessent's comments, with the S&P 500 index rising 2.5% following the initial reports. This comes amidst broader concerns about the economic impact of the trade war, with fears of a potential recession looming. The White House has received 18 trade proposals from other countries as it seeks to navigate the global trade landscape.

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Sources

washingtonexaminer.com(3)reuters.com(3)ctvnews.ca(2)chicagotribune.com(2)

China Daily

@ChinaDaily

#MediaFocus #US Treasury Secretary Scott Bessent told investors in a closed-door meeting on Tuesday that he expects "there will be a de-escalation" in President Donald #Trump's #trade war with China in the "very near future", CNBC reported. #tariff https://t.co/9uPDVEZHT4

Washington Examiner

@dcexaminer

Treasury Secretary says trade war with China will deescalate soon https://t.co/M3zQbm2GkH

Reuters

@Reuters

U.S. Treasury Secretary Scott Bessent said on Wednesday that he believes that excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed but said President Donald Trump would not unilaterally cut… https://t.co/ZrqF6VXZec https://t.co/iUjs3f4mHV

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