The US Treasury Secretary does not rule out an agreement with China

US Treasury Secretary Scott Besent announced that there is no reason for a rift between the American and Chinese economies, despite the mutual threats to impose customs duties, noting the possibility of reaching “at a time” to a “major agreement” between the two largest economic powers in the world.

In response to a question about the risks of a rift between the American and Chinese economies, Pesent said in an interview with the Bloomberg TV channel on Monday: “There is a major agreement that should be accomplished at some point, so there is no need to have a rift, but it can be done.”

Difficulty agreeing with China

The American minister indicated that reaching an agreement with China will be more difficult than reaching it with other countries, because “China is our biggest economic competitor and the largest military competitor to us.”

The world’s largest economies have been standing on the brink of the abyss since US President Donald Trump has ignited a global trade war by imposing customs duties that particularly targeted Chinese imports.

China responded to the United States similarly, raising the percentage of American fees imposed on Chinese imports to 145%, and Chinese fees imposed on American imports to 125%.