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Stocks fall as Bessent states no deal on China Tariff Cuts
Dow trims gain, S&P 500 and Nasdaq retreat from session highs as traders digest Bessent comments on tariffs and Powell; Tesla shares bounce
U.S. stocks were off the session’s highs after Treasury Secretary Scott Bessent told reporters there was no unilateral offer from Trump to cut China tariffs.
Still erratic. I’m seriously thinking stock market manipulation.
From earlier
My opinion: Trump believed American clout, globally, was more substantive then it actually is.
Trump Floats ‘Substantial’ China Tariffs Cuts in Trade Deal
President Donald Trump said he plans to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal, a sign he may be backing down from his tough stance on Beijing amid market volatility.
“It will come down substantially but it won’t be zero,” Trump said Tuesday in Washington, following earlier comments from Treasury Secretary Scott Bessent that the standoff was unsustainable. Trump added that “we’re going to be very nice and they’re going to be very nice, and we’ll see what happens.”Trump also said he didn’t see the need to “play hardball” with Chinese leader Xi Jinping and that during discussions he wouldn’t raise Covid-19 — an issue that is politically sensitive in Beijing. The White House recently launched a website that suggested the virus came from a lab in China, irking the nation’s diplomats.
Covid-19 is a sensitive issue in Beijing, because, in my opinion, it was a biological attack on China. Yes, I’d written previously about this explaining why this is my belief
Foreign Ministry spokesman Guo Jiakun said “the door for talks is wide open,” at a regular press briefing in Beijing on Wednesday, reiterating that trade wars don’t have any winners. While Trump has repeatedly sought to get Xi on the phone, China wants the two sides to work out the contours of an agreement before the leaders speak.