Wall Street Breakfast
Bessent comments on China tariffs
Apr 23, 2025
Discussion kicks off with insights on the lengthy path to a China trade deal, projected to take two to three years. The stock market is buzzing as tech stocks soar, with Nasdaq seeing impressive gains. Krispy Kreme is making waves with a strategic refresh aimed at revitalizing its brand. The conversation also touches on the recent dip in U.S. Treasury yields, providing a backdrop for the market's overall enthusiasm.
06:45
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Quick takeaways
- Bessent emphasizes that a full rebalancing of the U.S.-China trade relationship may take two to three years, highlighting complex negotiations beyond just tariffs.
- The recent Wall Street rally, marked by significant rises in major tech stocks, signals positive market sentiment despite ongoing trade tensions with China.
Deep dives
U.S.-China Trade Tensions
The United States is currently not offering to reduce tariffs on China, as stated by U.S. Treasury Secretary Scott Bessent. Though President Trump indicated that tariffs would substantially decrease, Bessent clarified that factors beyond tariffs, such as non-tariff barriers and government subsidies, are being considered in trade negotiations. Bessent also mentioned that a complete rebalancing of trade with China could take two to three years, emphasizing the need for China to shift its economic focus from manufacturing to consumption to correct existing imbalances. This ongoing trade dynamic reflects the complexity of U.S.-China relations and the challenges ahead.
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