China’s move to impose retaliatory tariffs of 84% against U.S. goods is unfortunate and a move that puts Beijing at a loss, U.S. Treasury Secretary Scott Bessent said today.

“I think it’s unfortunate that the Chinese don’t want to come in and negotiate because they’re the worst offenders in the international trading system,” Bessend said in an interview with Fox Business Network.

Earlier, Beijing announced that it would impose retaliatory tariffs on U.S. goods of 84 percent, instead of the originally planned 34 percent, in response to the additional increase in U.S. tariffs on China.

The U.S. Treasury Secretary said allies in talks with U.S. officials say they want to discuss how to find a new balance against China’s trade policies.

“This is the big win. The US is trying to find a new balance toward more manufacturing. China has to find a new balance toward more consumption,” he said.

He also warned Beijing not to try to devalue its currency as a way of responding to the new tariffs.

“If China starts to devalue (its currency), then that is a tariff for the rest of the world, and everyone should continue to increase their tariffs to compensate for the devaluation. So I would urge them not to do that and to come to the table,” Besent said.

He did not rule out the possibility of removing shares of Chinese companies from U.S. exchanges, saying all options are on the table.