US Treasury Secretary Scott Bessent said the tariff standoff with China is unsustainable.
Bessent made this statement on Tuesday at a closed-door investor summit, stating that he expects the situation to de-escalate.
The Treasury Secretary added that negotiations have yet to start, but a deal is possible.
Meanwhile, the Treasury Department has not commented at the time of filing this report.
The US Treasury chief spoke on the sidelines of the International Monetary Fund and World Bank’s spring meetings, as finance ministers and central bankers gathered to assess the fallout of President Donald Trump’s trade war.
According to him, the world’s top two countries essentially have a trade embargo in place, with both slapping tariffs of more than 125 per cent on each other’s goods.
