Treasury Secretary Scott Bessent warned that nations unwilling to negotiate trade deals with the United States face potential tariffs. Bessent said countries not acting in “good faith” would receive formal letters setting tariff rates, reverting to levels issued on April 2—ranging from 10% to substantially higher.
The U.S. recently finalized a trade agreement with China, reducing its initial 145% tariff to 30%. The deal included provisions on currency manipulation, subsidies, and non-tariff barriers. The U.K. also secured a trade agreement. Of the 86 countries affected by the original April tariffs, 75 negotiated rates down to 10%, and Trump paused most tariffs through July 9. Seventeen countries imposed no tariffs on U.S. goods but are now facing U.S. tariffs.
Bessent emphasized the leverage built into Donald Trump’s “Liberation Day” strategy: “If you don’t want to negotiate, it will spring back to the April 2-level.”
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