Washington is also considering imposing even higher tariffs on goods from the country, Scott Bessent has said
Washington is considering delisting Chinese companies from US markets amid the escalating tariff war, Treasury Secretary Scott Bessent has said.
Speaking to Fox Business on Wednesday, Bessent described China’s latest move to raise its tariffs on American goods to a total of 84% as “unfortunate.” The measure was announced after US President Donald Trump increased the tariffs on all Chinese imports to 104% earlier this week.
“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate because they are the worst offenders in the international trading system,” Bessent claimed, suggesting that the US could end up imposing even higher tariffs.
“If China starts devaluing, then that is a tax on the rest of the world, and everyone will have to keep raising their tariffs to offset the devaluation. So I would urge them not to do that and to come to the table,” he said.
Asked whether Washington is considering delisting Chinese companies from US stock exchanges, Bessent stated that all options are on the table and that it’s up to the president to do so. Currently, 286 Chinese companies, including Alibaba, one of the world’s largest retailers and e-commerce operators, are listed on US stock exchanges. “That will be Trump’s decision,” he said.
The new threats come after China introduced an additional 50% tariff – due to take effect on Thursday – on all American goods. The measure comes on top of the previously imposed 34% tariff, China’s Finance Ministry announced earlier on Wednesday.
“The US’ practice of escalating tariffs on China is a mistake on top of a mistake, which seriously infringes on China’s legitimate rights and interests and seriously damages the rules-based multilateral trading system,” the ministry said in a statement.
Earlier this week, Beijing vowed to fight the trade war with the US “to the end” and “firmly defend its interests.” Apart from cranking up tariffs, China has filed a complaint with the World Trade Organization against the US over its practices, as well as placing certain American businesses on its ‘unreliable entity’ list or subjecting them to export controls.
The escalating trade war comes amid Trump’s efforts to straighten out America’s import-export balance, which involves the introduction of massive retaliatory tariffs on most countries. In March, Trump imposed a 20% tariff on Chinese imports. Last week, he added an additional 34%, bringing the total to 54%. Beijing retaliated in kind, introducing a 34% tariff on US goods – after which Trump added another 50%, bringing the total to 104%.
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