this post was submitted on 22 Apr 2025
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this explains the market hopping back up a few percent today
That Reuters article was extremely light on the details.
US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.
That de-escalation will come in the very near future, Bessent said during an event hosted by JPMorgan Chase & Co. in Washington, which wasn’t open to the public or media. He characterized the current situation as essentially a trade embargo, according to people who attended the session.
Bessent said that it was not the US’s goal to decouple from China and that the current status quo of 145% tariffs on Chinese goods by the US and 125% tariffs on US products by China was not sustainable. He expressed optimism that tensions could cool in the coming months, which would bring relief to markets, but cautioned that a larger deal could take longer.
China has a chance to do the funniest thing right now, and not lower their sanctions.
Basically what he's saying is that the trade war failed and the US is scrambling to find a way out.
I am not looking forward to the spin from the WH and right-wing media afterwards. Will be hyper all about claims of it being a "massive success" and something about it actually being about "showing China what can happen at the drop of a hat." Hopefully China will be able to keep making it harder and harder to make such claims.
This guy sounds too much like an egghead.
Trump should tariff him.
Whoa, have you seen the price of eggheads these days?