- Scott Bessent said there’s an opportunity for a big deal between the U.S. and China, but it needs to move away from export overcapacity and an overreliance on American demand. Separately, he called for an overhaul at the World Bank and International Monetary Fund, claiming, “mission creep has knocked these institutions off course.”
After floating a “de-escalation” in the U.S.-China trade war during a closed-door meeting, Treasury Secretary Scott Bessent, in remarks to the Institute of International Finance on Wednesday, said China was in need of rebalancing because its economic system was not only hurting it, but every other country. Bessent warned China needs to move away from export overcapacity and an overreliance on American demand. Its economic model, he said, is built on exporting its way out of trouble.
