Treasury’s Bessent: Tariffs were a ploy to set up serious talks

‘This was his strategy all along’ to get trade partners to the table.

By Harold Hutchison, Daily Caller – April 9, 2025

Secretary of the Treasury Scott Bessent told reporters Wednesday that President Donald Trump’s goal was to have major trading partners agree to negotiate after Trump announced a 90-day pause on reciprocal tariffs for many countries after dozens reached out to the administration.

China imposed retaliatory tariffs on American exports to the communist country Wednesday, imposing an 84% tariff on U.S. goods after Trump responded to a 34% tariff by taking American tariffs to 104%.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump said. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.”

“They kept escalating and escalating, and now they have 125% tariffs that will be effective immediately,” Bessent said during the press conference.

Bessent said that China’s actions would not harm the United States as much as it would their own economy.

“We will see what China does,” Bessent said. “But what I am certain of, what I’m certain of, is that what China is doing will affect their economy much more than it will ours, because they have an export-driven, flood the world with cheap export model, and the rest of the world now understands.”

The Dow Jones Industrial average closed up 2,962.86 points Wednesday, with the NASDAQ climbing by 1,755.84 points and the S&P 500 rising 446.05 points, according to FoxBusiness.

PHOTO: Secretary of the Treasury Scott Bessent speaks outside the White House Wednesday. | Fox Business/YouTube