Tariff rates will soon return to a "reciprocal" level if countries don't reach trade agreements during the 90-day pause, US Treasury Secretary Scott Bessent said on Sunday (May 18, local time).
"President Trump has put them on notice that if you do not negotiate in good faith, you will ratchet back up to your April 2 level," Bessent said on CNN's "State of the Union with Jake Tapper."
There are 18 "important" trading partners that the United States is most focused on solidifying deals with, Bessent said. He did not say how quickly tariff rates could revert to "reciprocal" rates.
"There are a lot of smaller trading relationships that we can just come up with a number. My other sense is that we will do a lot of regional deals — 'this is the rate for Central America, this is the rate for this part of Africa,'" Bessent added.
President Donald Trump announced a slate of "reciprocal" tariffs on April 2, which he called"Liberation Day."He later paused those levies for 90 days, which lowered rates to a baseline rate of 10%.
On Friday, Trump said that time is running out for countries to make a trade deal with the United States.
(Source: CNN)
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