Phrases like "fight to the end" and "failing hegemon" from Beijing, combined with the fact they 'allowed' the offshore yuan to fall to record lows (and adjusted the onshore yuan fix to its weakest since 2023) were enough 'negatives' to overwhelm the optimism that Treasury Secretary Scott Bessent exuded on CNBC this morning about "70 nations reached out" to start negotiations.
President Trump’s end goal is bringing jobs and manufacturing back to the United States, raising wages, increasing revenues and reviving the American Dream. I’m proud to be working alongside him on behalf of the American people as we right the wrongs of longstanding global trade… pic.twitter.com/b4OxB5n6am
— Secretary of Treasury Scott Bessent (@SecScottBessent) April 8, 2025
Things worsened still as The White House confirmed that 104% additional tariffs on China will go into effect at midnight.
