Treasury Secretary Scott Bessent stated that the US holds a substantial advantage over China in the ongoing trade war. Bessent believes China’s escalation was a big mistake, as the US exports only one-fifth of what China exports to the US.
The US is set to raise its duties on China and other nations, with the goal of bringing trading partners to the negotiating table and creating jobs in the US. Bessent hopes to generate both jobs and revenue from the tariffs, with the ultimate goal of reshoring manufacturing operations to the US.