Treasury Secretary Bessent says China's escalation was 'big mistake,' country playing with 'losing hand'

Treasury Secretary Scott Bessent said Tuesday the U.S. holds a substantial advantage over China as the two nations exchange threats in a burgeoning trade war.

"I think it was a big mistake, this Chinese escalation, because they're playing with a pair of twos," Bessent said during an interview on CNBC's "Squawk Box." "What do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us, so that is a losing hand for them." This is breaking news.



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