China's move to impose 84% retaliatory tariffs against the United States is unfortunate and a losing proposition for Beijing, U.S. Treasury Secretary Scott Bessent said on Wednesday.

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

In an interview with Fox Business, Bessent responded to questions about how far the Trump administration might go. “We are putting in process export controls for high-value, security-related goods,” he said.