In a letter to Key Square Capital Management partners sent a year ago, US Treasury Secretary Scott Bessent said that “tariffs are inflationary and would strengthen the dollar—hardly a good starting point for a US industrial renaissance.” Last month, Bessent pushed for new universal tariffs on US imports to start at 2.
In a letter to Key Square Capital Management partners sent a year ago, US Treasury Secretary Scott Bessentsaid that “tariffs are inflationary and would strengthen the dollar—hardly a good starting point for a US industrial renaissance.” Last month, Bessentpushed for new universal tariffs on US imports to start at 2.5% and rise gradually, per the Financial Times . Related news US President Donald Trump initiates trade war, signing order hitting Canada, Mexico and China EUR/USD slumps to 1.
China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict.
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