In an NBC interview, Treasury Secretary Scott Bessent stated that President Trump could reinstate higher tariffs on countries that do not negotiate trade deals in good faith. Following Trump's April "Liberation Day" speech, a significant increase in tariffs was imposed on various nations. Bessent noted that the administration would revert to the April 2nd tariff levels if negotiations fail, and mentioned letters would be sent to countries detailing potential tariff rates, urging sincere negotiations. Most countries currently face a baseline 10% tariff during discussions, except for China, which faced higher rates in April.
"This means that they're not negotiating in good faith," Bessent said, emphasizing the implications of Trump's tariff strategy on foreign nations engaged in trade talks.
"The negotiating leverage that President Trump is talking about here is if you don't want to negotiate, then it will spring back to the April 2nd level," Bessent explained.
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