Treasury chief Bessent says U.S. has an "an opportunity for a big deal" with China

Treasury Secretary Scott Bessent on Wednesday said the Trump administration has an "opportunity for a big deal" on trade tensions between the U.S. and China, who are embroiled in an escalating tariff war. 

Bessent, who delivered the keynote address at the Institute of International Finance in Washington, D.C., today, said that the Trump administration wants the U.S. economy to rebalance toward more manufacturing, while urging China to shift away from what he called "export-led manufacturing growth."

"China needs to change. The country knows it needs to change. Everyone knows it needs to change. And we want to help it change — because we need rebalancing too," Bessent said in the speech.