The U.S. Treasury Secretary has started to soften his stance.
In a speech on April 22, U.S. Treasury Secretary Scott Bessent stated that the current tariff standoff between the U.S. and China is unsustainable, and he expects the trade war between the world's two largest economies to "de-escalate."
Scott Bessent had close ties with Wall Street before serving as the U.S. Treasury Secretary and is well aware that a trade war would have a significant impact on Wall Street stock markets, U.S. Treasury bonds, and the dollar exchange rate. Massively increasing tariffs on Chinese goods will harm both parties without benefiting either side, affecting the stability of the U.S. domestic market, raising inflation rates, and having deeper impacts on the U.S. economic development and stability. Proactively taking measures to reduce the level of the trade war is the wisest choice for the U.S. side.
Original article: https://www.toutiao.com/article/1830169400242315/
Disclaimer: The article solely represents the author's personal views.