A great opportunity for one, says Scott Bessent

Charlotte Edwards

Business Reporter, BBC News

Getty images

The Secretary in the United States of the Treasury indicated that a trade agreement between the United States and the United Kingdom could be on the maps, while decision-makers are gathering in Washington

There is an opportunity for a “big business” between the United States and China on trade, said Scott Bessent, secretary of the US Treasury.

Asked about a next meeting between countries, Bessent said it would be an “incredible opportunity” to conclude an agreement, if China was “serious” to make its economy less dependent on manufacturing exports.

“China must change. The country knows it has to change. Everyone knows it has to change. And we want to help it change because we also need to rebalance,” he said.

The comments arise as the trade war between the two largest economies in the world has increased in recent weeks.

US President Donald Trump has brought a number of prices on imports to the United States, which he said, aimed to increase US manufacturing and protection jobs.

These include import taxes up to 145% on Chinese products, but China retaliated with a 125% tax on American products.

Speaking on Wednesday at the conference of the International Financing Institute, Bessent, said that it was a “question of momentum and will”.

“There is an opportunity for a big deal here, that the United States seeks to rebalance more manufacturing, the identity of this would be less consumption.

“If China is serious about the least dependence on manufacturing growth led by export and rebalancing to an interior economy if they want to rebalance it, let's do it together.”

The comments come after Bessente would have declared Tuesday that he expected a de -escalation of the trade war and that the current situation was “not a joke”.

Watch: Trump says that we actively negotiate a “fair” prices with China's prices

Trump also said that it was optimistic about improving commercial relations with China, saying that the level of prices – or import taxes – which he had imposed on Chinese imports “would drop considerably, but it will not be zero.”

Tensions between China and the United States have shaken investors, with violent oscillations of stock prices and net falls in the dollar.

Actions jumped Wednesday in the hope that trade tensions between the United States and China could soon relax.

Aside from the trade war, Bessent called on the IMF and the World Bank to refocus on the basic missions of economic stability and development, arguing that they were too far away in vanity projects such as “climate change, gender and social problems”.

“These problems are not the Mission of the IMF,” he said.

Tensions between countries have shaken the financial markets, the two parties introducing strong prices on each other.

The governor of the Bank of England, Andrew Bailey, said that he was “very frankly encouraged” by Bessent's comments on the IMF and the World Bank.

Although Mr. Bessent said that the IMF and the World Bank are “short”, he did not call on the United States to withdraw from institutions because some conservatives have pressure him.

He said the Trump administration will use an influence in these institutions and “pushes them to accomplish their important mandates”.

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