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U.S. Pushes China to De-Escalate Trade War as India Nears First Bilateral Deal

Treasury Secretary Scott Bessent emphasizes China's responsibility to reduce tariffs while signaling progress on bespoke trade agreements, with India likely to finalize a deal soon.

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A mobile crane carries a container at Deendayal Port in Kandla, in the western state of Gujarat, India, April 5, 2025. REUTERS/Amit Dave

Overview

  • Treasury Secretary Scott Bessent reiterated that China must take the first step to de-escalate the trade war, citing the unsustainability of its tariffs given its trade surplus with the U.S.
  • India is expected to be the first country to finalize a trade agreement with the U.S., potentially within the next week, as part of ongoing negotiations with 15 to 18 trading partners.
  • Bessent highlighted China's recent tariff exemptions on select U.S. goods as a potential signal of willingness to ease tensions, though Beijing officially denies any trade negotiations are underway.
  • The U.S. maintains a strategy of conducting trade negotiations privately, with President Trump directly involved in crafting bespoke agreements.
  • Economic ripple effects from the tariffs continue, with European nations reportedly concerned about a strong euro and potential ECB rate cuts, while Bessent downplayed fears of U.S. supply chain disruptions.