BBC Gossip
  • Home
  • Health
  • News
  • Crime
  • Local News
  • People
  • Guest Post
BBC Gossip
BBC Gossip
  • Home
  • News
  • Health
  • People
  • Celebrities
  • Crime
  • Entertainment
  • Finance
  • Guest Post
Home Treasury Secretary Expresses Concerns Over Sustainability of Trade War with China
  • Local News

Treasury Secretary Expresses Concerns Over Sustainability of Trade War with China

    The Latest: Treasury secretary says trade war with China is not ‘sustainable’
    Up next
    'The Conners' cast gets sentimental ahead of the season finale
    The actors of ‘The Conners’ show emotional feelings before the last episode of the season
    Published on 23 April 2025
    Author
    BBC Gossip

    Here’s the Latest:

    U.S. markets are poised to open with big gains, a clear sign of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve.

    U.S. Treasury Secretary Scott Bessent also said Tuesday that the ongoing tariffs showdown against China is unsustainable and he expects a “de-escalation” in the trade war between the world’s two largest economies. With Tesla profits tanking, billionaire Elon Musk said he advised Trump against tariffs and he’ll now spend less time in Washington slashing government costs.

    Two major law firms will be in court asking judges on Wednesday to permanently block Trump’s executive orders that are designed to punish them and hurt their business operations.

    And U.S. partners are taking stock of Secretary of State Marco Rubio ‘s plans for a massive overhaul of the State Department including closing or consolidating more than 100 bureaus worldwide.

    Here’s the Latest:

    Rubio’s massive State Department overhaul would cut staff and bureaus

    Democrats blasted the reorganization plan announced by Rubio on social media Tuesday and detailed in documents obtained by The Associated Press as the Trump administration’s latest attempt to gut “vital components of American influence” on the world stage.

    Rubio ‘s overhaul would reduce staff in the U.S. by 15% while closing and consolidating more than 100 bureaus worldwide, reimagining foreign policy as Trump cuts the size of the federal government. It’s driven in part by the need to find a new home for the remaining functions of the U.S. Agency for International Development, an agency that Trump administration officials and billionaire ally Elon Musk’s Department of Government Efficiency have dismantled.

    “We cannot win the battle for the 21st century with bloated bureaucracy that stifles innovation and misallocates scarce resources,” Rubio said in a department-wide email obtained by AP. He said the reorganization aimed to “meet the immense challenges of the 21st Century and put America First.”

    ▶ Read more about Rubio’s plan to overhaul the department

    Law firms fighting Trump to ask judges to permanently block executive orders

    Two major law firms are expected to ask separate judges on Wednesday to permanently block Trump’s executive orders that were designed to punish them and hurt their business operations.

    The firms — Perkins Coie and WilmerHale — have said the orders imposed in March are unconstitutional assaults on the legal profession that threaten their relationships with clients and retaliate against them based either on their past legal representations or their association with particular attorneys who Trump perceives as his adversaries.

    Courts last month temporarily halted enforcement of key provisions of both orders, but the firms are in court Wednesday asking for the edicts to be struck down in their entirety and for judges to issue rulings in their favor. Another firm, Jenner & Block, is expected to make similar arguments next week.

    The executive orders taking aim at some of the country’s most elite and prominent law firms are part of a wide-ranging retribution campaign by Trump designed to reshape civil society and extract concessions from perceived adversaries.

    ▶ Read more about the law firms’ request to the judges

    US Treasury secretary says trade war with China is not ‘sustainable’

    Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and he expects a “de-escalation” in the trade war between the world’s two largest economies.

    Scott Bessent, President-elect Donald Trump’s choice to be secretary of the Treasury, appears before the Senate Finance Committee for his confirmation hearing, at the Capitol in Washington, Thursday, Jan. 16, 2025. (AP Photo/J. Scott Applewhite)

    But in a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start.

    “I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”

    The S&P 500 stock index rose 2.5% after Bloomberg News initially reported Bessent’s remarks.

    Trump acknowledged the increase in the stock market in remarks to reporters afterward on Tuesday, but he avoided confirming if he, too, thought the situation with China was unsustainable as Bessent had said behind closed doors.

    ▶ Read more about Bessent’s comments

    Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

    You May Also Like
    Ukraine under ongoing Russian missile and drone attack that has wounded at least 3
    • Local News

    Ukraine facing continuous missile and drone assaults from Russia, causing injuries to minimum of 3 people

    KYIV – Ukraine was under an ongoing Russian ballistic missile and drone…
    • BBC Gossip
    • June 6, 2025
    Peruvian migrant acquitted in the first trial over the new militarized zone at US-Mexico border
    • Local News

    Acquittal of Peruvian Migrant in Landmark Trial of New Militarized Zone at US-Mexico Border

    EL PASO, Texas – A Peruvian woman who crossed the U.S. border…
    • BBC Gossip
    • June 5, 2025
    Nintendo Switch 2 launch draws eager fans
    • Local News

    Excited fans anticipate the release of Nintendo Switch 2

    In the U.S., the Switch 2’s baseline launch price is $449.99 —…
    • BBC Gossip
    • June 5, 2025
    The Latest: Ex-girlfriend of Sean ‘Diddy’ Combs to testify in his sex trafficking trial
    • Local News

    Sean ‘Diddy’ Combs’ Ex-girlfriend to Testify in His Sex Trafficking Trial

    New York – The Sean “Diddy” Combs sex trafficking trial is in…
    • BBC Gossip
    • June 5, 2025
    Northeast Ohio Pride Guide: List of events celebrating the LGBTQ+ community this Pride Month
    • Local News

    Events in Northeast Ohio to Celebrate LGBTQ+ Community during Pride Month

    Show your pride and celebrate the LGBTQ+ community at these diverse and…
    • BBC Gossip
    • June 6, 2025
    Total number of victims in Sunday's Pearl Street terror attack increases to 15 people, 1 dog: Boulder Co. DA
    • Local News

    Boulder Co. DA reports that the number of individuals affected in the Pearl Street terrorist incident on Sunday rises to 15, including one dog.

    BOULDER, Colo. — The Boulder County District Attorney’s Office revealed on Wednesday…
    • BBC Gossip
    • June 5, 2025
    Food trucks gather for 'Plates with Purpose' fundraiser for 2 North Canton families struck by tragedy
    • Local News

    Food trucks come together to support ‘Plates with Purpose’ event for two North Canton families affected by tragedy.

    The eight food trucks generously donated all profits from their sales on…
    • BBC Gossip
    • June 5, 2025
    Officer who used excessive force allowed to plead guilty to misdemeanor after felony conviction
    • Local News

    Police officer charged with excessive force able to admit guilt to lower charge following felony conviction

    LOS ANGELES – Despite being convicted by a jury of a felony,…
    • BBC Gossip
    • June 6, 2025
    SeaWorld Orlando to debut new nighttime drone show this weekend
    • Local News

    Exciting news! SeaWorld Orlando will premiere a captivating drone show at night starting this weekend

    ORLANDO, Fla. – This weekend, SeaWorld Orlando will debut a new nighttime…
    • BBC Gossip
    • June 5, 2025
    Michaels acquires Joann brands, including Big Twist yarns
    • Local News

    Michaels buys Joann brands, including Big Twist yarns

    Michaels said it has seen a surge in customer interest in fabrics,…
    • BBC Gossip
    • June 5, 2025
    Cleveland firefighter indicted for assault, faces arraignment in June
    • Local News

    Cleveland firefighter facing assault charges set for arraignment in June

    An indictment from a Cuyahoga County grand jury reveals that Carlos Jordan,…
    • BBC Gossip
    • June 5, 2025

    Recent Posts

    • Court upholds conviction of Chris Dawson for sexual misconduct with a student
    • Police officer charged with excessive force able to admit guilt to lower charge following felony conviction
    • Sirius XM dismisses Michelle Beadle for on-air outburst about Stephen A. Smith replacing her.
    • Parents Accused of Abandoning 2 Young Kids in Neglected Condition Miss Court Appearance
    • Falling for Logan Marshall-Green’s Charming Arrival as Handsome Gardener Adam in ‘And Just Like That’
    Chris Dawson's student sex conviction upheld in court
    • AU

    Court upholds conviction of Chris Dawson for sexual misconduct with a student

    Former teacher Chris Dawson faces more legal setbacks as he was unable…
    • BBC Gossip
    • June 6, 2025
    Officer who used excessive force allowed to plead guilty to misdemeanor after felony conviction
    • Local News

    Police officer charged with excessive force able to admit guilt to lower charge following felony conviction

    LOS ANGELES – Despite being convicted by a jury of a felony,…
    • BBC Gossip
    • June 6, 2025
    Sirius XM fires Michelle Beadle after on-air rant over nemesis Stephen A. Smith taking her job
    • US

    Sirius XM dismisses Michelle Beadle for on-air outburst about Stephen A. Smith replacing her.

    Michelle Beadle and Cody Decker have been let go by Sirius XM,…
    • BBC Gossip
    • June 6, 2025
    Parents Charged With Leaving 2 Young Children in ‘Wild Unkept State,’ Fail to Show Up at Court
    • News

    Parents Accused of Abandoning 2 Young Kids in Neglected Condition Miss Court Appearance

    Warrants have been issued for a Wisconsin couple who failed to appear…
    • BBC Gossip
    • June 6, 2025
    BBC Gossip
    • Home
    • Privacy Policy
    • News
    • Local News
    • Health
    • Crime
    • Guest Post