Deputy Treasury Secretary Michael Faulkender told Newsmax Thursday that China, which has retaliated over President Donald Trump’s tariffs, stands to lose more than the United States in the escalating trade war between Washington and Beijing.

“The president has said all along that one of his primary objectives is to eliminate the tariffs and non-tariff barriers that have been putting U.S. exporters at a disadvantage for decades, that we need to revisit this asymmetry we have in the way that foreign countries treat our manufacturers versus the way that we provide access to our markets,” Faulkender said on Newsmax’s “Wake Up America.” “And so he gave people a choice. Do you want to come and give us a negotiation on those tariff and non-tariff barriers, or do you want to retaliate and have us put in place even further tariffs?

“You see shining examples of the two,” he continued. “We have China, who decided that they wanted to try to retaliate, and you have seen that we have taken tariffs up to 125%. On the other hand, we have 70 countries who have reached out to us, who are ready to talk about ways to make access to their markets easier for our American exporters and to really realize reciprocity in both tariffs and non-tariff barriers between our two countries. And so the Secretary of Treasury, my boss, Secretary of Commerce, the U.S. trade representative, all of them are reaching out to the countries that have contacted us so that we can start to address those and put in place permanence for the American people and American exporters.”

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