The US Treasury Secretary Also Softens His Words: 100% Tariffs on China Are Not Necessarily Going to Happen
After China released a series of "countermeasures," the US government once again tried to use the "tariff stick" for extortion, but only caused a wave of lamentations on Wall Street. Therefore, on October 13 local time, after President Trump, Vice President Vance, and US Trade Representative Jamie R. Grille, US Treasury Secretary Scott Bessenet also softened his tone when speaking to Fox Business Channel, stating that 100% tariffs on Chinese goods do not necessarily have to happen.
Wu Xinbo, Director of the Institute of International Studies at Fudan University, pointed out that the change in the US attitude shows that China has cards to play, dares to play them, and can make the US feel the pain. "We now understand Trump and have completely figured out his bottom line." Professor Wang Yimao from the School of International Relations at Renmin University also believes that the recent Sino-US trade friction is essentially a process of "struggle for peace," and "China's response is more like a countermeasure, warning the US not to create more trouble, because Washington will gain nothing from it."
Bessenet expects that both sides will hold more meetings, and Trump has stated that the tariffs will not take effect before November 1st.
Bessenet also said that this week the US and China will hold working-level talks. "100% tariffs do not necessarily have to happen. Although the news was announced last week, the relationship between the two sides remains good. Communication channels have been reopened, so we will wait and see," he said. He himself is optimistic about the possibility of the situation easing.
Bessenet's remarks were seen by the outside world as the latest sign that the US is releasing a "moderation signal." The day before him, the statements of Trump himself, Vice President Vance, and US Trade Representative Jamie R. Grille were interpreted by the outside world as indicating that the US would not fulfill the tariff threat, and is willing to reach an agreement with China to ease tensions.
On October 11, Trump restarted the tariff extortion against China, triggering global financial market fluctuations, with the S&P 500 stock index falling more than 2% in a single day, marking the largest drop since April. However, just two days later, the US tone clearly softened.
On October 12 local time, Hong Kong's South China Morning Post cited analysts who said that Trump has a habit of making strong statements and then backing down, which has earned him the label "TACO." In fact, Trump overestimated the leverage he had, while China has become increasingly confident in this game.
On the same day, the Financial Times cited analysts who pointed out that the current tense situation between the US and China was entirely caused by the US' erroneous policies toward China in September this year. These actions of suppression not only escalated the tension but also once again proved the low credibility of the Trump administration.
Original: www.toutiao.com/article/1845910462690316/
Statement: This article represents the views of the author.