Treasury Secretary Scott Bessent reportedly said on Monday that China has the responsibility to de-escalate the ongoing tariff war and asserted that its high tariffs are unsustainable.
“I believe that it’s up to China to de-escalate, because they sell five times more to us than we sell to them, and so these 120%, 145% tariffs are unsustainable,” Bessent told CNBC.
Tag Archives: Scott Bessent
Telegraph: Trump’s attempt to upend the global order has already been defeated
America has emerged from the trade war as an international laughing stock
Characterised by screeching handbrake turns, made-up policy on the hoof and mixed-messaging on steroids, it’s been another week of chaos in Washington.
If anyone knows what on Earth it is that the US is trying to achieve on trade, and much else besides, then I’d like to hear from them, because having come to the US capital in the hope of garnering some insights, I’m none the wiser.
What’s now increasingly obvious, however, is that Trump is in ragged retreat; he’s compromising all over the shop, such that if the plan was to upend the established global order, one can almost definitely say that, beyond the rhetoric, it is already over.
Rank lack of professionalism and organisation has defined the endeavour all along, and now it’s coming apart at the seams. Sensing an administration on the run, no one is any longer hurrying to do a trade deal with the US. From Britain to Canada and beyond, getting the right deal rather than a quick one has become the new mantra.
Trump has in the meantime made himself – and the US – into an international laughing stock, never mind the damage that policy uncertainty is inflicting on the global economy. You’d be forgiven for thinking that chaos is itself the policy goal.
Repeatedly forced to row back on its demands and aspirations, the White House has been left looking back-footed and ridiculous.

Trump’s attempt to upend the global order has already been defeated
https://www.telegraph.co.uk/business/2025/04/26/trumps-attempt-to-upend-the-global-order-defeated
Financial Times: Vance’s trolling audition to be Trump’s heir
The many contradictions of the vice-president should not distract from his ambition
It was inevitable that memes about JD Vance would surface the moment Pope Francis passed away. “It’s good to see you in better health,” the US vice-president told the pope on Sunday. The pontiff died on Monday.
As Donald Trump’s chief attack dog — though not yet his heir apparent — Vance is a prime target of ridicule on liberal social media. But he is also a master troller himself. Vance knows that the surest path to Maga hearts and Trump’s approval is to enrage liberals. The question is whether he means anything by it.
And this:
The answer is unclear. Vance has gone from being a never-Trumper who saw Trump as “America’s Hitler” to an arch-Trumper who sees his boss as part of God’s plan. That is as dramatic a political conversion as can happen. Rather than search for an intellectual key, Vance’s shift can be put down to ambition. The better question is whether there are any limits to his ambition. Judging by his performance so far, the answer is not really.
What this last paragraph indicates is that we can’t trust J.D. Dunce to be the person that he pretends to be. He’s an opportunist, a weasel, pure and simple!
CNN: It’ll be tough for Trump to dig his way out of this one
With his chaotic trade policy, President Donald Trump is digging himself into an economic and political hole so deep, it may prove impossible to climb out.
On Wednesday morning, just after markets spent a day reeling from Trump’s on-again-off-again threat to levy extraordinary energy, steel and aluminum tariffs on Canada and to destroy the country’s auto industry, Trump placed tariffs on all steel and aluminum imported from every country around the world, a policy that could drive up prices on a broad range of consumer and industrial goods for Americans. Europe immediately retaliated, adding pressure on a variety of American industries.
Wall Street has grown nervous about the damage Trump’s policies could inflict on America’s still-strong but increasingly wobbly economy. Stocks have plunged, with the Nasdaq falling into correction (a decline of 10% from its recent high) and the S&P 500 flirting with that inauspicious territory.

It’ll be tough for Trump to dig his way out of this one | CNN Business
https://edition.cnn.com/2025/03/12/economy/recession-tariff-trump/index.html
UK Independent: Fund managers quietly fear Trump doesn’t have a tariff plan and that he ‘might be insane’
Some fund managers concerned ‘that the White House is not acting rationally, but rather on ideology. And some even fear that this may not even be ideology’
As President Donald Trump’s back-and-forth on trade policies creates chaos in the financial markets, some fund managers are questioning the rationality of his decisions.
“In the last few days, we have had many conversations with macro fund managers,” Tom Lee, the head of research at the financial analysis firm FSInsights, wrote on Wednesday morning, before Trump backed down from most of his tariffs on U.S. trading partners.
“And their concern is that the White House is not acting rationally, but rather on ideology. And some even fear that this may not even be ideology,” he added. “A few have quietly wondered if the President might be insane.”
Insane? Ideological? Or simply suffering a severe case of dementia?
You decide!

Fund managers worry about Trump’s mental state amid tariff debacle
Newsweek: JP Morgan CEO Warns Businesses Are Going to Default on Loans
As financial markets reel from a new round of tariffs and bond sell-offs, JPMorgan Chase CEO Jamie Dimon issued a stark warning that credit problems are mounting and corporate loan defaults may soon follow.
In an interview with Fox Business on Wednesday, Dimon said rising interest rates, sticky inflation, and widening credit spreads are setting the stage for a wave of financial strain among U.S. companies.
The Telegraph: If you think it’s alarming now, just wait for Trump to wreck the bond market
The White House’s push for for expanded presidential power threatens US economic stability
Donald Trump is systematically purging every US government institution, a pattern familiar to anybody who has studied the caudillo regimes of Latin America, or the playbook of today’s Putin-Orbán-Erdoğan prototypes.
It is a racing certainty that he will soon do the same to the Federal Reserve, forcing the central bank to cut interest rates into the teeth of rising inflation, with epic consequences for the world’s dollarised financial system and for €39 trillion (£33 trillion) of offshore dollar debt contracts and swaps.
Late last week he fired the head of the National Security Agency and its top officials at the behest of Laura Loomer, a fringe conspiracy theorist, who whispered into Trump’s ear that they were disloyal to the Maga movement.
He has already fired the heads of the FBI’s intelligence division, its counterterrorism division and criminal investigations division, as well as the heads of the Washington and New York offices.
He has fired the top brass of the US military, starting with a preemptive strike on the chairman of the joint chiefs of staff. An earlier chairman – General Mark Milley – refused to ratify Trump’s attempted coup d’etat on Jan 6 2021.
“We don’t take an oath to a king, or to a tyrant or dictator, and we don’t take an oath to a wannabe dictator. We take an oath to the constitution,” said Milley in his parting shot.
But Trump also fired the three judge advocates general, who are legally independent by Congressional statute and have the authority to decide which military orders should be disobeyed – such as Trump’s order to “just shoot” American protesters, on American soil, during the Black Lives Matter saga.
That obstacle will not recur. Pete Hegseth, the defence secretary, said the three judges had been sacked to stop them posing any “roadblocks to orders given by the commander-in-chief”.
You can go through the list, agency by agency, extending to the universities and private law firms, and even to the muzzled editorials of some of America’s once great newspapers: the purge is Bolshevik in ambition.
Does anybody in their right mind think that Trump will spare the Fed’s Jerome Powell as the two men gear up for an almighty clash over US monetary policy? “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” bellowed Trump in capital letters on Truth Social on Friday.

If you think it’s alarming now, just wait for Trump to wreck the bond market
Raw Story: Trump’s Treasury secretary ‘looking for an exit door’ after two months on the job: MSNBC
Rat deserts sinking sh*t!
In the wake of Donald Trump’s highly controversial decision to put in place a wall of international tariffs that has roiled the business world, the president’s Treasury Secretary Scott Bessent is reportedly looking to move on from his current job slightly more than two months after being sworn in.
That is according to MSNBC host and former Wall Street executive Stephanie Ruhle, who appeared on “Morning Joe” on Friday.
Speaking with co-host Jonathan Lemire, Ruhle first pointed out that she has been unable to find people who support Trump’s decision to begin a trade war that is causing worldwide economic chaos.
Trump’s Treasury secretary ‘looking for an exit door’ after two months on the job: MSNBC
Trump’s Treasury secretary ‘looking for an exit door’ after two months on the job: MSNBC
Mediaite: Jessica Tarlov Shreds White House Security Blunder: ‘I Don’t Want to Ever Hear’ About Hillary Clinton’s Emails Again
Fox News co-host Jessica Tarlov tore into the White House on Monday after it was revealed that The Atlantic editor-in-chief Jeffrey Goldberg had accidentally been added to a top-secret group chat about the Trump administration’s military plans.
“Donald Trump’s ratings on handling the economy, inflation, cost of living are all tanking, and we’re seeing this administration’s incompetence and recklessness on a scale unimaginable,” said Tarlov on The Five.
…
“I don’t know what’s going to happen to anyone who’s involved in something like this, but on top of it, you have the vice president, he’s in there as well, contradicting Donald Trump on his policy on Europe,” she said. “So all of this is going on, we’re only a couple months into this administration, and when Carville says, ‘Let’s see what they do,’ you get stuff like this.”