Treasury Secretary Scott Bessent stated that he is willing to impose levies on nations that won’t deal with him.
According to Bessent, the United States just reached a business agreement with China that included discussions involving “tariffs, non-tariff trade barriers, dollar adjustment, and subsidies of labor and capital.” With a 14 % first price, China was the exception of other foreign nations that were subject to tariffs. Since then, the tax has been reduced to 30 %. Additionally, the United States and the UK have signed a deal agreement.
Bessent provided information regarding “letters” President Donald Trump has promised to different nations that have started discussions but aren’t yet ready to reach a deal while speaking with Meet the Press.
This means that if they don’t negotiate in good faith, they will receive a notice stating,” Here is the price. So I anticipate that everyone will arrive in and bargain in good faith,” Bessent said.
Bessent continued,” I believe it would be the April 2-level — some nations were at 10 %, some were significantly higher,” regarding the rates the nations are currently experiencing. The communicating tools that President Trump is referring to are:” If you don’t need to communicate, it may spring up to the April 2-level.”
BESSENT TASKS THAT CHINA “IGNORED THEIR OBLIGATIONS” ON TRADE UNDER BIDEN
Trump first imposed taxes on 86 nations on April 2; this is when they start. After Trump announced the” Liberation Day” tariffs, China was the only nation to retaliate by imposing taxes on U.S. products. Before Trump imposed a pause against most tariffs through July 9, some 75 nations negotiated their tariffs to be lowered to 10 %.
Although the majority of the taxes are reciprocal, some 17 nations currently battling U.S. levies did not previously had tariffs on U.S. goods.
