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Investing.com – U.S. Treasury Secretary Scott Bessent said today that trade negotiations are actively ongoing following the administration’s sweeping tariff rollout, with roughly 70 countries reaching out to the White House since the announcement of “Liberation Day.”
“China can raise tariffs, but so what,” Bessent told Fox News in a morning interview, just minutes after China announced it is putting an additional 50% tariff on imports from the United States.
Bessent’s comments come as markets remain volatile and global tensions rise in the wake of sweeping reciprocal tariffs and increased uncertainty around global supply chains. Despite the mounting pressure, Bessent said the U.S. is open to dialogue but firm on its position.
Instead of retaliating, “China should come to the table,” Bessent said. “We’re seeing countries calling us—they want to talk,” he added.
He also said that all policy options remain open, including the possibility of removing Chinese companies from U.S. stock exchanges. “Everything’s on the table," before adding that it will be the President Trump who will decide on this matter.
Alibaba (NYSE:BABA) stock pared gains on the headlines — last up about 0.7% — well off its earlier 6% jump on reports that China’s government may introduce additional stimulus to support struggling markets.
Addressing financial market volatility, Bessent dismissed concerns over the recent selloff in U.S. government bonds, which resumed today. The United States 10-Year rose 17 basis points to 4.43%.
“I think there’s nothing systemic about deleveraging in the bond market,” he said.
On the currency front, Bessent warned that any attempt by China to devalue the yuan would amount to an economic attack on other nations. China's national currency hit an 18-year low vs. the dollar on Wednesday.
“If China starts devaluing the yuan, that’s a tax on others,” he said.
He also called on Beijing to take stronger action to combat the flow of fentanyl precursors into the United States.
“China needs to punish people exporting fentanyl precursors to the U.S.,” he said, reinforcing the administration’s demand for more cooperation on drug enforcement.