Treasury Secretary Scott Bessent addressed attendees during a keynote speech at the Institute of International Finance held in Washington, D.C., on Wednesday.
Bessent’s remarks coincided with reports suggesting that the Trump administration is considering reducing its significant tariffs on Chinese goods, amid anticipated trade discussions later in the year.
“China needs to change,” he stated firmly. “The country is aware of the necessity for change. It is common knowledge that a shift is required, and we seek to assist in this transition—because rebalancing is essential for us as well.”
During a private meeting with investors on Tuesday, Bessent conveyed his outlook on the trade tensions, indicating that he expects “a de-escalation” of President Donald Trump’s trade conflict with China in the “very near future,” according to a report by Finance Newso.
“There is a consensus that the current situation is not sustainable,” Bessent noted during the exclusive investor summit in Washington, pointing out the challenges posed by the existing high tariff rates.
