United States Treasury Secretary Scott Bessent said on Sunday that tariffs "should be a melting ice cube," which will fall as trade imbalance is reduced. He estimated that "trade," supposedly referring to trade deals, will be finalized by the end of October. However, he was unable to say whether trade balance will be achieved by the end of US President Donald Trump's term in office, adding that the outcome will vary from country to country.
Bessent told Japan's Nikkei newspaper that China is the "most unbalanced, or imbalanced, economy in the history of the modern world." He claimed much of its manufacturing production is below cost. He added that Beijing is Washington's biggest economic and military rival and that "dealing with" it is difficult because it is a non-market economy
