U.S. Treasury Secretary Scott Binsent expects the pace of trade escalation between Washington and Beijing to decline, while President Donald Trump announced that the hefty tariffs imposed on Chinese exports to his country will decrease significantly.
During a closed meeting in Washington organized by JPMorgan Chase, Binsent confirmed that the current trade situation between Washington and Beijing is unsustainable for both parties, according to what one attendee told Agence France-Presse.
The current trade situation referred to by the U.S. Secretary is the additional tariffs of 145% imposed by the United States on its imports of Chinese products and retaliatory tariffs of 125% imposed by China on its imports of American goods.
