After a speech Wednesday in Washington, reporters asked Bessent about a Wall Street Journal article that said the huge U.S. tariffs that the Republican president has levied on China could be cut in half, citing unidentified people familiar with the matter.
Bessent said: “I’d be surprised if that discussion is happening." However, he said he expects “there’d have to be a de-escalation” from Washington and Beijing’s trade confrontation.
Trump had said on Tuesday that the 145% tariffs on China could “come down substantially." And then on Wednesday, he told reporters that “everybody wants to be a part of what we're doing" and “everyone's going to be happy.”
During his speech, Bessett leveled harsh criticism at the operations of the World Bank and the International Monetary Fund which provide loans and other financial support around the world.
He said the Trump administration “will leverage U.S. leadership and influence at these institutions and push them to accomplish their important mandates.”
Some of Bessent's criticisms echoed the Trump administration's efforts to root out progressive ideology from federal institutions. Bessent said the IMF “has suffered from mission creep” and “devotes disproportionate time and resources to work on climate change, gender and social issues.”
He said there were similar problems at the World Bank, which he said “should no longer expect blank checks for vapid, buzzword-centric marketing accompanied by half-hearted commitments to reform.”
One of the problems, Bessent said, is that China is still treated like a developing country, which gives it more favorable treatment from global institutions. With China as the second-largest economy in the world, he said, “it's an adult economy.”
