US and China Exchange Economic Grievances in High-Level Call

Treasury Secretary Scott Bessent and Vice Premier He Lifeng address tariffs, fentanyl, and trade imbalances in their first discussion under Trump's second term.

• US Treasury Secretary Scott Bessent raised concerns over China's role in fentanyl trafficking and its economic policies during a video call with Chinese Vice Premier He Lifeng.
• He Lifeng criticized recent US tariffs on Chinese imports, calling them restrictive measures that harm bilateral trade relations.
• President Donald Trump recently imposed a 10% tariff on all Chinese goods, citing China's alleged role in the fentanyl crisis, with Beijing retaliating with tariffs on US imports and potential sanctions on US companies.
• Both officials acknowledged the importance of US-China economic ties and agreed to maintain open communication on mutual concerns despite ongoing tensions.
• Bessent emphasized the need for China to rebalance its economy towards domestic consumption, a longstanding US position on trade relations with China.

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