Bessent: It is implausible that tariffs on China go below 10%

• Current tariffs level is a floor
• Now, we have a process in place to avoid further escalation

This at least clears things up a bit on their current position at least. As a reminder, the US is now putting a 10% base level tariffs plus 20% tariffs due to the fentanyl issue (30% total) on China. And the de minimis exemption will not be restored as well even with the climb down. Meanwhile, China is putting a 10% base level tariffs on the US and have not pulled back on restricting rare earth exports from before here.

This article was written by Justin Low at www.forexlive.com.