This story was originally published by the WND News Center.
President Donald Trump's tariffs on imports from other nations, announced to be reciprocal to what those nations charge to import American products, are having a wide range of effects.
They're intended to level the playing field so that America is not paying extraordinarily high costs to sell products in other nations, yet giving products from those nations free access to American consumers, likely the biggest retail market in the world.
Those charges have just kicked in, and some nations already are approaching American officials about negotiating for a resolution that would equalize the system.
Others, like China, have responded with higher tariffs for American products.
But American Treasury Secretary Scott Bessent has explained to Tucker Carlson that China cannot win that battle.
"We are the debtor nation, we have the trade deficit," he said. "The surplus nation is in the weaker position, because of the Chinese business model, and Tucker by the way the Chinese business model and the economy are the most unbalanced, imbalanced in the history of the modern world. We've never seen anything like this in terms of their export level relative to their GDP relative to their population.
"It is going to be very difficult for them to try to change the model….. they're in a deflationary, recessionary depression right now. They are trying to export their way out of it, and we can't let them do that."
Essentially, China's economy is built largely on the revenue it gets from selling products to America and Americans.
That production is too large for its own population, and Bessent compared it to the tale of the "Sorcerer's Apprentice," in which a magic spell goes awry and a magician's helper sets in motion a spell that he cannot control or stop, and it continues doing the same chore, carrying a bucket of water, to injurious ends.
Bessent said, "That's their business model, it's not going to stop."
He said it likely will take some time, but the goal is for Americans to consume less and produce more, and Chinese to consume more and produce less.
There still would be "rivalry," he said, but on a level playing field.
He warned China cannot survive without America's markets.
Tariff announcements have been at the 10% rate, 24%, 50%, 84,% and even 104%. As a result, markets worldwide have been in turmoil for several days. Experts predict that ultimately there will be agreements that will stabilize international trade at a more equal level.
Bessent also explained in another interview, "It's unfortunate that the Chinese actually don't want to come and negotiate because they are the worst offenders in the international trading system. I can tell you that this escalation is a LOSER for them.
"They have some very smart economists, academicians, technocrats within their bureaucracy and they would be telling the leadership that we do not have the edge here.
"Their exports to the U.S. are five times our exports to China, so they can raise their tariffs, but – so what?"
A report at Revolver said, "President Trump isn't just talking about taking on the globalists—he's actually doing it. While every other politician over-promises and under-delivers, Trump is putting America first where it counts: in a full-blown economic war with China. With a jaw-dropping 104% tariff, Trump is officially resetting the so-called 'Great Reset.'"
It said, "This is a fight that must happen if we truly want to Make America Great Again. We lost our edge because globalism hollowed us out. Now, Trump is putting the fight right back in their faces, and he's not bluffing. He's bringing 'The Art of the Deal' to the global stage—and according to our own Treasury Secretary, it's a fight China simply can't win."
