Trump delays tariffs to boost global trade talks
The US Treasury Secretary Scott Bessent addressed President Donald Trump's decision to escalate the trade war with China and the postponement of tariffs on selected countries by 90 days.
Treasury Secretary Scott Bessent said that the Trump administration had engaged in "75 negotiations" with foreign governments regarding the announced tariffs. As a result, the administration decided to announce a 90-day postponement of these tariffs.
Trump holds back some tariffs
"We saw the successful negotiating strategy President Trump implemented a week ago today and it has brought more than 75 countries forward to negotiate. It took great courage for him to stay the course until this moment," stated Bessent.
At the conference, Scott Bessent explained that any country seeking to negotiate with the United States has the opportunity to secure basic tariffs set at 10 percent. However, for China, this rate rises to 125 percent because of escalating tariff measures. He described China as the most unbalanced economy in history and identified it as the primary source of the United States' trade challenges.
According to Bessent, there is currently no chaos, and "for the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well." Meanwhile, following Trump's move, the S&P 500 index on the American stock exchange rose by 7 percent. The tariff rollback occurred the day after the president and his spokeswoman, Karoline Leavitt, assured that he was not considering a 90-day suspension of tariffs.
