Potential Job Losses in China due to U.S. Tariffs: Bessent Carefully Shifts Blame Towards Beijing
Scott Bessent, the Treasury Secretary, dropped by 'Fox & Friends' to discuss the speedy progress in trade talks with China and other nations.
According to Bessent, the volatile trade relationship between the U.S. and China may result in China shedding millions of jobs due to persistent tariff conflicts. In a recent briefing, Bessent noted that if current tariff levels remain unchanged, China might lose up to 10 million jobs, or even 5 million jobs with a slight reduction.
"Let's not forget that we're operating as the deficit country," Bessent stated during a White House press conference earlier this month. "They export nearly five times more goods to us than we do to them. That means the pressure will be on them to relax these tariffs. They're simply untenable for them."
In early April, President Donald Trump set in motion widespread tariffs against a variety of countries, decrying their alleged unachievert trade practices and accusing them of unfair dealings towards the U.S.
Take a peek at the newer version of tariff regulations:
The administration later scaled back its original proposal and announced on April 9 that they would immediately boost tariffs on Chinese goods to 145%, but reduce reciprocal tariffs on other countries to 10% for a 90-day period. In response, China countered with a 125% increase on U.S. goods tariffs.
Furthermore, Bessent hinted at a possible trade agreement with India and neighboring Asian countries in the near future, with negotiations advancing smoothly with South Korea and Japan as well.
Take a closer look at the tariff changes:
During Vice President JD Vance's visit to India in April, progress was reportedly made in U.S.-India trade negotiations, according to a White House statement. The two countries appear to be making strides towards an economic agreement that reflects their shared priorities.
"Vice President Vance was warmly welcomed in India, and he holds Prime Minister Modi in high regard," stated Taylor Van Kirk, Press Secretary for Vice President Vance. "The two leaders have made significant progress in finalizing a trade deal between the U.S. and India. A strong U.S.-India partnership holds great importance for both economies and for the global community as a whole."
keep in mind that this report covers developments as of 2023. Up-to-date information can be found on official sources such as the U.S. Trade Representative (USTR) or recent bilateral statements.
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- Scott Bessent, the Treasury Secretary, mentioned during a White House press conference that China might lose up to 10 million jobs by 2025 due to persistent tariff conflicts, but this number could decrease to 5 million jobs with a slight reduction in tariff levels.
- Bessent also hinted at a possible trade agreement with India and neighboring Asian countries in the near future, with negotiations advancing smoothly with South Korea and Japan as well.
- In early April, President Trump set in motion widespread tariffs against a variety of countries, including China, and announced a 145% increase on Chinese goods tariffs on April 9.
- Reporters should keep in mind that this report covers developments as of 2023. Up-to-date information can be found on official sources such as the U.S. Trade Representative (USTR) or recent bilateral statements.
- For real-time updates on trade negotiations and tariffs, it is recommended to use the Fox News App.
