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U.S. to restore higher “reciprocal” tariffs if trade deals aren’t reached, Bessent warns
The post U.S. to restore higher “reciprocal” tariffs if trade deals aren’t reached, Bessent warns appeared on BitcoinEthereumNews.com. The United States will restore steep “reciprocal” tariffs if trading partners do not reach new agreements within a 90-day freeze, Treasury Secretary Scott Bessent said Sunday, signaling fresh pressure from President Donald Trump on foreign capitals. Speaking on CNN’s State of the Union with Jake Tapper, Bessent said the administration has “put them on notice” that duties will “ratchet back up to your April 2 level” if talks fail. Eighteen “important” partners are the main focus, he added, though he did not give a timetable for how fast higher rates could return. Bessent suggested some pacts may be regional, saying officials could set one common figure “for Central America” or “for this part of Africa” while smaller bilateral ties might simply receive a fixed number. Scott Bessent while announcing U.S China trade deal on Sunday. Source: New york Post The 90-day clock began after Trump ordered a temporary pull-back from the sweeping tariffs he rolled out on April 2, a day the president labeled “Liberation Day.” That order had imposed “reciprocal” duties but was later softened to a baseline 10% while talks proceeded. On Friday, during a business roundtable in Abu Dhabi, Trump warned that “time is running out.” More than 150 countries want to talk, he said, but the administration cannot meet with all of them. Within “two to three weeks,” Trump added, Bessent and Commerce Secretary Howard Lutnick would start sending letters that spell out “what they’ll be paying to do business in the United States.” He promised the process would be “very fair.” Stocks jumped on Monday after Bessent and U.S. Trade Representative Jamieson Greer disclosed in Geneva a temporary cooling of the trade fight with China. Washington cut tariffs on Chinese goods to 30% from 145%, while Beijing trimmed its duties on American products to 10%…
The post U.S. to restore higher “reciprocal” tariffs if trade deals aren’t reached, Bessent warns appeared on BitcoinEthereumNews.com.
The United States will restore steep “reciprocal” tariffs if trading partners do not reach new agreements within a 90-day freeze, Treasury Secretary Scott Bessent said Sunday, signaling fresh pressure from President Donald Trump on foreign capitals. Speaking on CNN’s State of the Union with Jake Tapper, Bessent said the administration has “put them on notice” that duties will “ratchet back up to your April 2 level” if talks fail. Eighteen “important” partners are the main focus, he added, though he did not give a timetable for how fast higher rates could return. Bessent suggested some pacts may be regional, saying officials could set one common figure “for Central America” or “for this part of Africa” while smaller bilateral ties might simply receive a fixed number. Scott Bessent while announcing U.S China trade deal on Sunday. Source: New york Post The 90-day clock began after Trump ordered a temporary pull-back from the sweeping tariffs he rolled out on April 2, a day the president labeled “Liberation Day.” That order had imposed “reciprocal” duties but was later softened to a baseline 10% while talks proceeded. On Friday, during a business roundtable in Abu Dhabi, Trump warned that “time is running out.” More than 150 countries want to talk, he said, but the administration cannot meet with all of them. Within “two to three weeks,” Trump added, Bessent and Commerce Secretary Howard Lutnick would start sending letters that spell out “what they’ll be paying to do business in the United States.” He promised the process would be “very fair.” Stocks jumped on Monday after Bessent and U.S. Trade Representative Jamieson Greer disclosed in Geneva a temporary cooling of the trade fight with China. Washington cut tariffs on Chinese goods to 30% from 145%, while Beijing trimmed its duties on American products to 10%…
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