U.S. Treasury Secretary Scott Bessent warned that steep ‘liberation day’ tariffs may soon return, potentially impacting America’s trading partners, while dismissing Moody’s recent credit rating downgrade.

China has escalated its trade dispute with the United States by increasing its retaliatory tariffs to 84%. The move comes with a vow from Beijing to “fight to the end,” signaling a deepening of tensions between the two economic superpowers.