Treasury Secretary Scott Bessent said he was optimistic that President Trump could strike trade deals with U.S. allies and later turn attention toward addressing China’s export-centric economic model by isolating Beijing.

The U.S. goods trade deficit with China was $295.4 billion in 2024, a 5.8 percent increase ($16.3 billion) over 2023.

Treasury Secretary Scott Bessent denied that the president's move to implement a blanket pause on his tariffs was the result of declines in the financial markets, arguing the action was part of Trump's strategy all along.