The U.S. Secretary of the Treasury, Scott Bessent, has emphasized that excessively high tariffs between the United States and China must be reduced for trade negotiations to progress.
Currently, U.S. tariffs on Chinese products reach 145%, while China imposes 125% on U.S. goods. According to Bessent, these tariffs are unsustainable and amount to a trade embargo, which harms both economies.
Although President Donald Trump has indicated that he will not unilaterally reduce tariffs, Bessent suggested that mutual reduction could be possible in the future. Additionally, the Secretary of the Treasury mentioned that negotiations with other countries, such as India, are progressing rapidly due to less complex trade barriers.
On the other hand, talks between the United States and Singapore have also been productive, although the U.S. is not prepared to reduce the base tariff of 10% on Singaporean imports. Both nations have agreed to explore ways to deepen their economic ties and continue discussions to find practical solutions.
