The United States gives way to China for the balance of global trade

The US Treasury Secretary, Scott Bessent, stated in Washington that the United States and China have a significant opportunity to rebalance their economies.

He added that there is an "incredible opportunity" to do so together, in the context of a realignment of the global trade system towards greater equity.

The United States is looking to rebalance its economy towards more manufacturing and less consumption, while China seeks to become less dependent on export-driven manufacturing growth and to rebalance its economy towards domestic consumption.

However, Mr. Bessent noted that, according to recent data, the Chinese economy is moving further away from consumption and closer to manufacturing, so the Chinese economic system, whose growth is driven by manufacturing exports, "will continue to create even more serious imbalances" if the status quo is maintained.

(MH with MaSi - Source: Agency - Photo: © Unsplash)