Treasury Secretary Scott Bessent flew to Florida to advise President Trump to focus more on trade negotiations to calm the markets. He warned that without a clear plan for tariffs, market instability would continue. Bessent urged Trump to highlight that the tariffs are meant to secure better trade deals and create U.S. jobs.
His advice came after global backlash to the new tariffs. Bessent pushed for a more balanced approach—tough on trade, but open to talks, especially with countries like Japan. His counsel seemed to influence Trump to soften his tone and show willingness to negotiate, aiming to reduce market fears and uncertainty.
U.S. Treasury Secretary Bessent said China made a “big mistake” by stepping up the situation and warned that they are playing a “losing game.”This comes after China promised to “fight till the end” last night, reacting to Trump’s threat to increase tariffs by another 50%.
U.S. Treasury Secretary Bessent said in a CNBC interview that the ongoing tariff talks began because many countries contacted the U.S., not due to market pressure. He mentioned that up to 70 countries have shown interest in negotiating. Bessent also said that China made a big mistake by escalating the situation. He clarified that he was not involved in calculating the tariff figures. Finally, he stated that former President Trump is committed to addressing trade imbalances.
Trump adds an additional 50% tariff on Chinese goods, raising the total tariff to 104%. The new rate will take effect at midnight, the White House says.
The White House says a 104% additional tariff on China started at 12:00 PM ET, April 9, because China hasn’t removed its 34% tariff on the U.S., according to Fox News.
“The Chinese economy is a sea, not a pond. Storms can overturn a pond, but never a sea.” – Xi Jinping, President of China.