US warns tariffs could be higher if talks fail

Los Angeles cargo container port in California (USA) on May 10, 2025. (Photo: THX/TTXVN)

US Treasury Secretary Scott Bessent said that if countries do not reach a trade deal with the US during the 90-day pause , tariffs will soon return to “reciprocal” levels.

“President Donald Trump has warned that if you don’t negotiate in good faith, the tariffs will go back to the levels that were announced on April 2,” Bessent said on CNN’s “State of the Union.”

Mr. Bessent said the US was focusing on 18 “important” trading partners to strengthen agreements, but did not specify when the tariffs would return to “reciprocal” levels.

For smaller trading partners, the US could come up with regional deals, for example tariffs for Central America, tariffs for parts of Africa, Mr. Bessent added.

President Donald Trump announced a series of “reciprocal” tariffs on April 2, a day he called “Liberation Day.”

He then delayed the implementation for 90 days, reducing the tariffs to a base rate of 10%. On May 15, Mr. Trump said time was running out for countries to reach a trade agreement with the United States.

“We have, at one time, 150 countries that want to make a deal, but you can't meet with that many countries,” Mr. Trump shared at a business roundtable in Abu Dhabi.

The president said that within the next two to three weeks, Mr. Bessent and Commerce Secretary Howard Lutnick will send letters outlining how much partners will have to pay to do business in the United States.

Markets rallied earlier in the week after Mr. Bessent and US Trade Representative Jamieson Greer announced a temporary de-escalation of the trade war with China in Geneva, Switzerland, with the US cutting tariffs on imports from China from 145% to 30%, and China cutting tariffs on US goods from 125% to 10%.

Mr. Bessent was also asked about the volatility caused by Mr. Trump’s tariffs. He responded that the administration’s negotiating tactics were “strategic uncertainty.”

“I am confident that after these negotiations are concluded, both American retailers, people and workers will benefit,” Mr. Bessent said./.

According to Vietnamplus

Source: https://www.vietnamplus.vn/my-canh-bao-thue-quan-co-the-ve-muc-cao-neu-dam-phan-khong-tien-trien-post1039288.vnp

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