U.S. Treasury Secretary Scott Bissent clarified the U.S. trade strategy towards China, stating that his country will continue to engage in trade with China, particularly in non-strategic goods, while bringing key industries related to national security back home.
In an interview, Bissent stated that the goal is not to decouple, but to restore balance and open markets.
He emphasized the need to restore domestic production in sectors such as semiconductors, steel, and pharmaceuticals. Bissent noted that President Trump wants to open China to business while protecting strategic industries at home.
These remarks come in the wake of a recent trade truce between the United States and China, which reduced tariffs from 145% to 30%. However, Bissent warned that tariffs could return to higher "reciprocal" levels if trade partners do not act in good faith.
He also rejected Moody's recent downgrade of U.S. debt rating, considering it a lagging indicator, which suggests continued confidence in the broader U.S. economic outlook.
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