U.S. Treasury Secretary Scott Bessent leaves to meet with Chinese officials on tariffs in Geneva, Switzerland, Saturday. (Fabrice Coffrini/AFP via Getty Images)
PIVOTAL TRADE TALKS WITH BEIJING LOOM AS TRUMP SWEARS IN NEW US AMBASSADOR TO CHINA: ‘WHAT TIMING’
The administration announced a round of tariffs April 2 and later imposed a 145% tariff on Chinese goods.
After reducing reciprocal tariffs on other countries for 90 days to a baseline of 10%, China raised tariffs on U.S. goods to 125%.
Treasury Secretary Scott Bessent heads to trade talks between Chinese and U.S. delegations in Geneva, Switzerland. (Reuters/Denis Balibouse)
TRUMP SAYS 80% TARIFF ON CHINA ‘SEEMS RIGHT’ AHEAD OF WEEKEND TALKS WITH BEIJING
A longtime supporter of tariffs, Trump argued that "fair" duties could address the nation’s record $1.2 trillion trade deficit from 2024 and encourage the return of U.S. manufacturing jobs.
Bessent said in April the tariffs could cost China up to 10 million jobs, making Chinese tariffs unsustainable.
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"Even if there is a drop in the tariffs, they could lose 5 million jobs," Bessent told White House reporters. "Remember that we are the deficit country. They sell almost five times more goods to us than we sell to them. So, the onus will be on them to take off these tariffs."
Fox News Digital's Diana Stancy and The Associated Press contributed to this report.
Alexandra Koch is a breaking news writer for Fox News Digital. Prior to joining Fox News, Alexandra covered breaking news, crime, religion, and the military in the southeast.
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