Treasury Secretary Scott Bessent said Tuesday on CNBC’s “Squawk Box” that China’s escalation of tariffs is a “big mistake” because it is playing a “losing hand.”
Bessent said, “If we put up a tariff wall, the ultimate goal would be to bring jobs back to the U.S. But in the meantime, we will be collecting substantial tariffs. If we’re successful, tariffs would be a melting ice cube, in a way, because you’re taking in the revenues as the manufacturing facilities are built in the U.S., and there should be some level of symmetry between the taxes we begin taking in with the new industry from the payroll taxes as the tariffs decline.”
He continued, “I think you are going to see some very large countries
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