Treasury Secretary Scott Bessent was also optimistic that trade tensions between the US and China would decline.
The White House is optimistic about a potential trade deal with China.
White House press chief Caroline Leavitt told reporters at a press conference on April 22 that President Donald Trump believes his administration is “going very well” and “going in the right direction.”
And at the oath ceremony for new Securities and Exchange Commission Chairman Paul Atkins on Tuesday, Trump said his administration was “very good for China” and that he would not “play hardball” with Chinese leader Xi Jinping.
He says there are no “near” tariffs on the new deal, he says, about 145%. The current tariff rate “will fall significantly, but not to zero,” the president said.
“I think they’ll do very well, they’ll be happy, we’re going to live together very happily, ideally we’ll work together,” Trump told reporters on April 22 in the oval office.
Trump added that if China does not make a deal, the US will set tariff rates.
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Also on Tuesday, Treasury Secretary Scott Bescent proposed to investors during the closure event in Washington that trade tensions between the US and China could soon ease.
The secretary said he expects a departure from both sides in the “very near future,” a person in the room told the Epoch Times.
Bessent compared the current situation to an embargo as the two biggest trade forces in the world impose large tariffs on each other.
Earlier this month, the administration imposed tariffs of up to 245% on Chinese goods that enter the country. Beijing retaliated with a 125% tax on US products.
In an April 14 interview with Bloomberg Television, Beast expressed his hope that both countries could reach a deal. He pointed out that China needs a “special type of formula” as it is America’s largest economic rival and military competitor.
“These are no jokes, so these are big numbers,” Bescent said in an interview. “I don’t think anyone thinks they’re sustainable, but I hope they stay here, but that’s far from a joke.”
In a statement on April 11, China’s finance ministry called tariffs “overly high” and “unilateral bullying and coercion.”
The White House last week said “The ball is in a Chinese court,” and that the Chinese administration needs to make a deal with the United States.
“We don’t need to deal with them,” Levitt told reporters during a press conference, quoting the president.
“It’s much bigger between China and other countries, China wants what we have, what every country wants. American consumers.
Trump also said on social media that China will ultimately contact the administration to negotiate an agreement.
“China wants to make a deal. They just don’t know how to proceed,” Trump said at the White House event on April 9th. “You know, that’s one thing they don’t know very well. They’re proud.”
Stocks recovered shortly after Bessent’s remarks, with all three major benchmarks averaged rebounding.
The Blue Chip Dow Jones Industrial Average skyrocketed about 1,000 points. The broader S&P 500 and the more tech NASDAQ composite index is up over 2%.
Treasury Secretary Scott Bescent will speak to a reporter outside the White House in Washington on April 9, 2025. Travis Gillmore/The Epoch Times
Stocks related to China also rose in the news. For example, Nvidia, an artificial intelligence chip maker, popped 6%. Another chipmaking company, AMD, won over 1%.
Bankrate’s chief financial analyst Greg McBride says there is still a lot of uncertainty in the financial markets.
“Markets are still plagued by uncertainty about tariffs and trade and potential impacts on the wider economy,” McBride said in an Epoch-era statement. Plus, it’s a quarterly revenue season, and it’s a catalyst for volatility, even normally. ”
