The U.S. doesn't want 'generalized decoupling' from China, but a strategic break instead, Treasury secretary says

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• Treasury Secretary Scott Bessent tried to put a finer point on the Trump administration's goals in its tariff talks with Beijing. While the U.S. wants to avoid a "generalized decoupling" from China, it still seeks to decouple for "strategic necessities," he told CNBC. Meanwhile, the U.S. slashed its duties on China to 30% from 145%, and China cut its retaliatory levies to 10% from 125%.

The world's two largest economies shouldn't totally cut themselves off from each other, but the U.S. still needs self-sufficiency in key areas, according to Treasury Secretary Scott Bessent.