Treasury secretary, Scott Bessent, said that the Trump administration has a “opportunity for a great deal” about trade between the United States and China, providing a suggestion that a brutal fare war between the two nations could facilitate.
Bessent, who delivered the main direction of the Washington International Finance Institute, said that the Trump administration wants the US economy to rebalance to more manufacture, while urging China to move away from what he called “export growth growth.”
“China has to change. The country knows it has to change. Everyone knows it has to change. And we want to help -to change it, because we also need rebalancing,” Bessent said in the speech.
The Beijing -related economic model is “unsustainable” and harms both China and the rest of the world, added Bessent. At the same time, the treasure head maintained “America does not mean America alone”, a comment that occurs after the Wall Street Journal informed The Trump administration is studying the rates in China to escalate the tensions between the two largest world economies.
The bag increased abruptly on Wednesday after the news that the trade war could be refreshed and after President Trump said he has done There is no plans to stand out The President of the Federal Reserve, Jerome Powell.
Earlier this month, China resorted to its retaliation rates in North -Americans up to 125%, coinciding with the level of rates that President Trump has put in Chinese imports, although these import taxes can rise up to 145% for some products in China.
Bessent made it clear in his speech that the Trump administration wants to see changes in the export -based economy of China.
“It is an unsustainable model that not only harms China, but also the whole world,” Bessent said in a Washington speech, which emphasized the concerns about the commercial imbalances that Mr. Trump says he hopes to address through the rates.
IMF, World Bank
In the same speech, Bessent also said that the International Monetary Fund and the World Bank have to be “appropriate for purposes” again and added that both institutions have moved away from their initial missions.
The IMF “does not have an obligation to provide countries that did not implement reforms,” said Bessent. “Economic stability and growth should be the markers of the IMF’s success, not the amount of money the institution brings.”
He added that the World Bank should also “no longer wait blank checks for monster marketing marketing and keywords, accompanied by reform commitments.”
contributed to this report.