Bessent: There is an opportunity for a “big deal” with China

Treasury Secretary Scott Pessant said on Wednesday that there is an opportunity for a “big deal” with China to reduce the customs tariff if Beijing is ready to take steps to rebalance its economy.

Bessent made major observations at the International Finance Institute (IIF) and participated in a question and answers session in which he said that the United States and China could conclude a deal on definitions if China is ready to control its economy towards more consumption and rely on export export.

“There is an opportunity to get a big deal here,” said Pesin. “The United States is looking forward to rebalancing more manufacturing. The identity of this will be less consumed.”

“If China is dangerous to the less dependence on export-led manufacturing growth and balance towards the local economy-I think they are using the term double trading, well, it is now really unique circulation. And if they want to rebalance, let us do so together. This is an incredible opportunity,” said Besent.

Treasury Secretary Scott Payet gives statements at the International Finance Institute Forum (IIF) global expectations on the sidelines of the annual spring meetings of 2025 in Washington, DC, on April 23, 2025. (Reuters / Elizabeth Franz / Reuters)

During his main speech, Bessent explained the reason for the Trump administration that the Chinese economic system needs to balance it.

“The modern data shows that the Chinese economy tends to be further consuming towards manufacturing. The economic system in China will continue, with the growing growth behind the export of manufacturing, in creating more serious imbalances with its trading partners if it is allowed to continue,” he said.

“The current economic model in China is based on exporting its way out of its economic problems. It is a non -sustainable model that does not harm China, but the entire world.” “China needs change. The country knows it needs to change. Everyone knows that it needs to change, and we want to help it change, because we need to rebalance too.”

Besent said there is an opportunity for the United States to make a “big deal” with China to trade. (Victor J. Blue / Bloomberg via Getty Images / Getty Images)

The Treasury Secretary said that if China is flying its economy to focus more on local consumption, this will help the international economic system to adapt to a more stable balance.

“China can start by removing its economy away from the excessive ability to export and towards its consumers’ support and domestic demand,” Pisent explained. “Such a shift would help in the global balance that the world needs strongly.”

This is a developing story. Please check again for updates.