Treasury Secretary Scott Bessent downplayed reports of China’s plan to raise tariffs on U.S. goods, calling it “unfortunate” that China was unwilling to negotiate. On Wednesday, China announced it would increase tariffs on American goods to 84% in retaliation to President Trump's 104% tariff hike, further escalating the trade war.
Specifically, Bessent said about the swings in the bond market: "I believe there is nothing systemic about this," describing it as "uncomfortable but normal deleveraging"
— tony romm (@TonyRomm) April 9, 2025
In a Fox Business interview, Bessent criticized China’s trade practices, stating their exports to the U.S. were five times greater than American exports to China, and suggested that China’s tariff increase was not a major concern. China also launched a new suit against the U.S. at the World Trade Organization and imposed additional restrictions on American companies. Bessent brushed off concerns over recent bond market fluctuations, calling them a normal part of the economic process, despite the ongoing volatility.
