Trump yells BE COOL! as China warns tourists, students of U.S. travel risks NBC Los Angeles [Video]

This is CNBC’s live coverage of how U.S. trade partners, the White House and employers are responding to President Donald Trump’s historic tariffs.

What you need to know

CNBC’s reporters are covering the tariffs and their effects, live on air and online from our bureaus in Washington; London; Singapore; San Francisco; and Englewood Cliffs, New Jersey.

Bessent is striking a confident pose in the face of China’s new retaliatory tariffs on U.S. goods.

“I can tell you that this escalation is a loser for them,” Bessent said in a Fox Business interview.

“They are the surplus country,” he said. “Their exports to the U.S. are five times our exports to China.”

“So they can raise their tariffs, but so what?”

— Kevin Breuninger