US Treasury Secretary Scott Bessent criticised China's decision to impose 84 per cent retaliatory tariffs on American imports, describing it as unfortunate and a losing proposition for Beijing. "I think it's unfortunate that the Chinese actually don't want to come and negotiate, because they are the worst offenders in the international trading system," Bessent said in an interview with Fox Business Network on Wednesday. He said the US is working with allies who are keen to address China's trade practices and seek a more balanced economic relationship. "That is the big win here. The US is trying to rebalance toward more manufacturing. China needs to rebalance towards more consumption," he said. Bessent also warned against any attempts by Beijing to devalue its currency in response to the tariffs, saying such action would have global repercussions. "If China starts devaluing, then that is a tax on the rest of the world and everyone will have to keep raising their tariffs to offset the devaluation. So I would urge them not to do that and to come to the table," he said. He added that the US is considering a range of responses, including financial market measures. All options were on the table, he stated when asked whether Chinese stocks could be removed from US exchanges. Attribution: Reuters Subediting: M. S. Salama
