'We're doing fine with China,' U.S. President Donald Trump said later, but added the tariff rate with China would come down 'substantially'
Author of the article:
The Associated Press
Josh Boak and Fatima Hussein
Published Apr 22, 2025
3 minute read
Join the conversation
Article content
WASHINGTON — U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and he expects a “de-escalation” in the trade war between the world’s two largest economies.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS
Enjoy the latest local, national and international news.
- Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
- Unlimited online access to National Post.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles including the New York Times Crossword.
- Support local journalism.
SUBSCRIBE FOR MORE ARTICLES
Enjoy the latest local, national and international news.
- Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
- Unlimited online access to National Post.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles including the New York Times Crossword.
- Support local journalism.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
View more offers
Article content
We apologize, but this video has failed to load.
Try refreshing your browser, or
tap here to see other videos from our team.
Trade war with China is unsustainable, ’de-escalation’ expected: U.S. treasury secretary Back to video
We apologize, but this video has failed to load.
Try refreshing your browser, or
tap here to see other videos from our team.
Article content
But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start. U.S. President Donald Trump placed import taxes of 145 per cent on China, which has countered with 125 per cent tariffs on U.S. goods. Trump has placed tariffs on several dozen countries, causing the stock market to stumble and interest rates to increase on U.S. debt as investors worry about slower economic growth and higher inflationary pressures.
Article content
Story continues below
This advertisement has not loaded yet, but your article continues below.
Article content
Details of the speech were confirmed by two people familiar with the remarks who insisted on anonymity to discuss them.
Article content
NP Posted
Get a dash of perspective along with the trending news of the day in a very readable format.
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Interested in more newsletters? Browse here.
Article content
“I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”
Article content
The S&P 500 stock index rose 2.5 per cent after Bloomberg News initially reported Bessent’s remarks.
Article content
Trump acknowledged the increase in the stock market in remarks to reporters afterward on Tuesday, but he avoided confirming if he, too, thought the situation with China was unsustainable as Bessent had said behind closed doors.
Article content
“We’re doing fine with China,” Trump said.
Article content
Despite his high tariffs, Trump said he would be “very nice” to China and not play hardball with Chinese President Xi Jinping.
Article content
“We’re going to live together very happily and ideally work together,” Trump said.
Article content
The U.S. president said that the final tariff rate with China would come down “substantially” from the current 145 per cent.
Article content
“It won’t be that high, not going to be that high,” Trump said.
Article content
Story continues below
This advertisement has not loaded yet, but your article continues below.
Article content
The Trump administration has met for talks with counterparts from Japan, India, South Korea, the European Union, Canada and Mexico, among other nations. But Trump has shown no public indications that he plans to pullback his baseline 10 per cent tariff, even as he has insisted he’s looking for other nations to cut their own import taxes and remove any non-tariff barriers that the administration says have hindered exports from the U.S.
Article content
China on Monday warned other countries against making trade deals with the United States that could negatively impact China.
Article content
“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement.
Article content
White House press secretary Karoline Leavitt said the Trump administration has received 18 proposals from other countries for trade deals with the U.S., adding that “everyone involved wants to see a trade deal happen.”
Article content
The uncertainty over tariffs in the financial markets has also been amplified by Trump calling on the Federal Reserve to cut its benchmark interest rate, with the president saying he could fire Fed Chair Jerome Powell if he wanted to do so.
