Overview

• Treasury Secretary Scott Bessent stated that China must take responsibility for de-escalating the trade war, citing its significant export surplus to the U.S.
• The U.S. continues to impose 145% tariffs on Chinese goods while maintaining a 90-day pause on non-Chinese tariffs to encourage negotiations.
• Bessent identified India as a likely candidate for the first trade deal among 15–18 ongoing U.S. bilateral trade negotiations.
• China has selectively exempted some U.S. imports, such as semiconductors, from its retaliatory tariffs but has publicly denied active trade talks with the U.S.
• The euro’s sharp rise against the U.S. dollar has led to speculation about potential European Central Bank rate cuts to address currency pressure.