Bloomberg Talks Former US Ambassador Nicholas Burns Talks Trade, Tariffs & Tensions
May 13, 2025
Nicholas Burns, former U.S. Ambassador to China and current Harvard professor, shares his insights on the escalating U.S.-China trade war, now resembling a trade embargo. He emphasizes the urgency for both nations to negotiate within 90 days to prevent lasting economic decoupling. Burns discusses the broader implications of tariffs, the need for collaboration on the fentanyl crisis, and the complexities of diplomacy in a polarized political climate, stressing the importance of sustained dialogue and reform in U.S. public service.
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Urgency of US-China Trade Deal
- The US-China trade war has turned into a near trade embargo due to extreme tariffs and strategic rivalry.
- Both economies must strike a deal within 90 days to avoid economically decoupling, which would harm both nations.
Historic Tariffs Harm Trade
- Tariffs have reached historically high levels, making much trade uneconomical between US and China.
- A quick resolution is urgent to calm global markets and prevent economic disruption.
Need for Fast, High-level Talks
- Both sides committed to ongoing consultative mechanisms to facilitate high-level discussions.
- Rapid progress and determination will be critical to meet the 90-day deadline for a deal.