Tue Apr 29 12:40:00 UTC 2025: ## Treasury Secretary Shifts Blame for Trade Stalemate to China
**Washington, D.C.** – Treasury Secretary Scott Bessent has placed the onus on China to resolve the ongoing trade dispute, arguing that the current tariff situation is unsustainable given China’s significantly larger export volume to the U.S. In a CNBC interview Monday, Bessent stated that China’s fivefold export advantage makes the current 120-145% tariffs untenable. His comments come amidst market uncertainty following President Trump’s April announcements regarding global tariffs.
While acknowledging progress in negotiations with other countries, Bessent highlighted India as a potential frontrunner for a new trade deal within the next few days. He indicated that several countries have presented promising proposals, with India being a strong possibility for an early agreement.
Bessent also expressed his belief that the strength of the euro against the dollar, up nearly 10% this year, is causing considerable anxiety among European nations. He predicted that the European Central Bank will likely respond by cutting interest rates to weaken the euro.
The Secretary’s statements come after mixed signals from the administration regarding trade talks with China. While President Trump reported speaking with Chinese officials last week, other sources indicated the meetings were unrelated to trade negotiations. Bessent, however, assured that the White House will not conduct trade negotiations publicly.
First Piper 