Charleston, SC, USA – August 25, 2021: Peony, a 366-meter container vessel owned by COSCO Shipping and flagged to Hong Kong, sails into Charleston Harbor.
US Treasury Secretary Scott Bessent expressed concerns over the ongoing tariff standoff between the United States and China, describing the situation as unsustainable. According to a report from Yahoo Finance, Bessent made these remarks during a closed-door session at an investor summit organized by JPMorgan Chase & Co. in Washington, D.C.
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Bessent indicated that while formal negotiations have yet to commence, there is potential for an agreement to be reached. His comments come amid a backdrop of heightened trade tensions, with both countries imposing tariffs exceeding 125% on each other’s goods, effectively creating a trade embargo. The Treasury Department has not issued an official statement regarding Bessent’s remarks.
The meeting took place on the fringes of the International Monetary Fund and World Bank’s spring meetings, where global finance leaders are evaluating the implications of the trade conflict initiated under President Donald Trump’s administration. Data from the IndexBox platform highlights the significant impact these tariffs have had on trade volumes between the two economic giants, with both countries experiencing considerable shifts in their import and export patterns.
