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Current Economic Uncertainty Higher Than Past Recessions: Constance Hunter
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April 22, 2025
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5:20Now PlayingConstance Hunter, chief economist at EIU, said the US is at high risk of a recession because the high level of uncertainty created by the president's trade agenda will have businesses and consumers cutting back.
US Treasury Secretary Scott Bessent told a closed-door investor summit Tuesday that the tariff standoff with China cannot be sustained by both sides and that the world’s two largest economies will have to find ways to de-escalate.
That de-escalation will come in the very near future, Bessent said during event hosted by JPMorgan Chase & Co. in Washington, which wasn’t open to the public or media. He characterized the current situation as essentially a trade embargo, according to people who attended the session.
Bessent said that it was not the US’s goal to decouple from China and that the current status quo of 145% tariffs on Chinese goods by the US and 125% tariffs on US products by China was not sustainable. He expressed optimism that tensions could cool in the coming months, which would bring relief to markets, but cautioned that a larger deal could take longer.
The Treasury chief told attendees that a comprehensive deal between the two countries could happen in two to three years. He also reiterated his contention that China has stifled its consumer economy and favored manufacturing at the US’s expense, and said that any agreement would require a rebalancing of trade that allowed the US to increase manufacturing.
Negotiations with China over such a deal have not started yet, he said.
A spokesperson for the Treasury Department declined to comment.
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