U.S. Treasury Secretary Scott Bessent Tuesday expressed confidence that Chinese manufacturers would absorb U.S. tariffs that went into effect overnight, and said the U.S. was in "transition" regarding tariffs on Canada and Mexico.
"China's business model is export, export, export, and that's unacceptable," Bessent told Fox News in an interview. "I am highly confident that the Chinese manufacturers will eat the tariffs, prices won't go up. With Canada and Mexico, I think we're in the middle of a transition."