Treasury Secretary Scott Bessent said Wednesday the U.S. is moving toward trade agreements with key allies that will form the basis for a united economic front against China, while dismissing fears of a financial crisis as “nothing systemic.”
Speaking at the American Bankers Association meeting in Washington, Bessent laid out the Trump administration’s strategy to pressure Beijing through coordinated economic diplomacy.
“We can probably reach a deal with our allies,” Bessent said. “They’ve been good military allies, not perfect economic allies. And then we can approach China as a group.”
He warned Europe not to break ranks or retaliate against tariffs from the U.S.
“That would be cutting your own throat,” Bessent said, singling out Spanish officials who recently voiced interest in closer
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