A great opportunity for one, says Scott Beshent

There is an opportunity for a “big job” between the US and China for trade, said US Minister of Finance Scott Bensten.

Asked about an upcoming meeting between the countries, Bestent said it would be an “incredible opportunity” to reach an agreement if China is “serious” to make its economy less dependent on export production.

“China needs to change. The country knows that it has to change. Everyone knows that we have to change. And we want to help him change because we also need balancing,” he said.

The comments are coming as the trade war between the two largest economies in the world has escalated in recent weeks.

US President Donald Trump has imported a number of US import tariffs, which he said are aimed at increasing US production and job protection.

These include imports of up to 145% for Chinese goods, but China has withdrawn with a 125% tax on US products.

When he was at the Conference of the Institute of International Finance on Wednesday, Bestent said it was a “matter of impetus and will.”

“There is a great deal of work here that the US is striving to balance with more production, the identity of this would be less consumption.

“If China is serious about less dependence on export-led production growth and balancing an internal economy … If they want to balance, let’s do it together.”

The comments come after Beshent is reported on Tuesday that he expected the de -escalation of the trade war And that the current situation is “no joke”.

Trump also said he was optimistic about improving trade relations with China, saying that the rates – or import tax levels – that he imposed on Chinese imports would “decrease significantly, but it will not be zero.”

Tensions between China and the US shook investors, such as violent changes in stock prices and a sharp fall in the dollar.

The shares rose on Wednesday, hoping that trade tensions between the US and China may soon be eased.

In addition to the trade war, Essent called on the IMF and the World Bank to reorient themselves on the main missions for economic stability and development, arguing that they have embarked on too far into vanity projects such as “climate change, gender and social problem.”

“These questions are not the IMF mission,” he said.

The tension between the countries shook the financial markets, with the two countries introducing strong tariffs on top of each other.