Treasury Sec Scott Bessent says Trump ‘goaded China into a bad position’

"We’ve given 90 days, and the only certainty we can provide is that the US is going to negotiate in good faith, and we assume that our allies will too and in terms of certainty, we will see what China does," Bessent told reporters outside the White House, adding that he was "certain" that what China is doing "will affect their economy much more than it will ours."

In response to another reporter’s question, Bessent said that he and Trump had a "long talk" on Sunday, and "this was his strategy all along. You might even say that he goaded China into a bad position. They responded. They have shown themselves to the world to be the bad actors." After Trump's announcement of sweeping tariffs, stock markets crashed. They were bolstered on Wednesday by news of a 90-day reprieve on tariffs for many nations that have opened negotiations with the US.

Trump wrote on Wednesday announcing the tariff moves, "Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realise that the days of ripping off the USA, and other Countries, is no longer sustainable."

Trump said that over 75 countries have contacted US officials to negotiate a solution, and "these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States." Due to this, Trump announced that these countries would see a 90-day pause, "and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately."

Earlier in the day, Bessent spoke at the American Bankers Summit, telling the audience there that "it’s Main Street’s turn to restore the American Dream."

"For the last four decades, basically since I began my career on Wall Street, Wall Street has grown wealthier than ever before. And it can continue to grow and do well. But for the next four years, the Trump agenda is focused on Main Street. It’s Main Street’s turn. It’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment. And it’s Main Street’s turn to restore the American Dream."