- Scott Bessent said on Sunday that Donald Trump could raise tariff rates again for certain nations.
- “This means that they’re not negotiating in good faith,” Bessent told NBC’s Kristen Welker.
- All eyes are on the Trump administration’s trade talks, particularly with China.
Treasury Secretary Scott Bessent said Sunday during an NBC interview that President Donald Trump will raise tariff rates again for nations that don’t negotiate trade deals with the United States in “good faith.”
During an interview on “Meet the Press,” Bessent pointed to the higher tariffs imposed on myriad countries after Trump’s April “Liberation Day” speech as a consequence of any failed talks.
“I think that it would be the April 2nd level,” Bessent replied when asked by host Kristen Welker about the tariff rates some nations may face by the administration.
“Some countries were at 10%, some were substantially higher,” he said. “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 also addressed Trump’s remarks on Friday, when the president said nations may receive a letter from the administration outlining their effective tariff rate if talks are being held without sincerity.
“This means that they’re not negotiating in good faith,” Bessent said. “They are going to get a letter saying, ‘Here is the rate.’ So I expect that everyone would come and negotiate in good faith.”
After Trump’s “Liberation Day” speech, which sent global markets reeling, the president issued a 90-day pause on the higher “reciprocal” tariff rates that he sought to impose on numerous nations. Instead, most countries have been subject to a baseline 10% tariff rate while they conduct their respective trade discussions with the US.
A notable exception has been China. The US in April raised tariff rates on Chinese goods to a high of 145%. Last week, the US temporarily cut the tariff rate on Chinese goods to 30% as the two countries continue to engage in high-level trade talks. China also lowered its levies on US goods from 125% to 10%.
Earlier in May, the Trump administration announced a trade framework with the UK, with the US rescinding tariffs on British steel and automobiles and US farmers gaining increased market access in the UK.