U.S. tariff negotiations are the result of calls from other countries not sliding financial markets and China's escalation is a big mistake, U.S. Treasury Secretary Scott Bessent said on Tuesday. "I think it was a big mistake,

The U.S. goods trade deficit with China was $295.4 billion in 2024, a 5.8 percent increase ($16.3 billion) over 2023.

An upbeat Scott Bessent walked into the US Treasury department on Tuesday, optimistic that the tensions between America and some of its allies in the wake of last week’s “liberation day” tariff announcement would soon be eased.