Nations can avoid Trump's April tariffs by cutting trade barriers: Bessent

The Trump administration on April 2 will give trading partner countries a proposed US tariff rate based on their own rates, non-tariff trade barriers and other factors -- along with an opportunity to negotiate to avoid a "tariff wall," US Treasury Secretary Scott Bessent said on Tuesday. 

"On April 2, each country will receive a number that we believe represents their tariffs," Bessent said on Fox Business Network's "Mornings with Maria." "For some countries, it could be quite low, for some countries, it could be quite high." Trump has said that his "reciprocal tariffs" to bring US tariffs to other countries' levels and offset trade practices his administration deems unfair will take effect on April 2. But Bessent's comments indicate that there may be a period of negotiation before collection of new import duties begins. 

 

"We are going to go to them and say, 'Look, here's where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labor suppression, and if you will stop this, we will not put up the tariff wall,'" Bessent said of trading partners. 

Countries that fail to reduce their trade barriers will face steeper tariffs aimed at protecting the US economy, its workers and industries, Bessent said.     

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)