U.S. Treasury Secretary Scott Bessent addressed various economic topics, including the promotion of IRS whistleblowers related to Hunter Biden, the tariff strategy, and concerns over a potential recession during an exclusive interview on “Mornings with Maria.” With impending “stacked” tariffs linked to President Donald Trump’s deadline for reciprocal tariffs, Bessent expressed optimism that some of the United States’ trading partners are already seeking to negotiate.
Bessent noted that as the April 2 deadline approaches, some countries that have previously imposed unfavorable trade conditions on the U.S. have shown willingness to offer substantial reductions in unjust tariffs. He conveyed hope that some tariffs might not need to be implemented if pre-negotiated deals are reached or that negotiations could resume once countries receive their reciprocal tariff numbers.
In the previous month, President Trump enacted a plan for the U.S. to explore implementing “reciprocal” tariffs on nations that impose taxes or limit market access for American goods. While no specific levies have been announced concerning exports from these countries, Trump clarified in a Truth Social post that countries could avoid high tariffs by reducing or eliminating their tariffs on U.S. goods. Trump also mentioned that no tariffs would apply to products manufactured or built within the United States.
Economists broadly agree that tariffs function as a tax on imports, typically paid by the importing company and potentially resulting in increased consumer prices. Despite this, top officials within the Trump administration have consistently downplayed concerns regarding the impact of tariffs on the U.S. job market or consumer prices.
Bessent highlighted that there is a group of countries with which the U.S. has a small trade surplus, even though trade volumes are low. He identified another group, referred to as “the dirty 15,” that imposes substantial tariffs. Bessent emphasized that many non-tariff barriers, such as product testing and domestic production requirements, do not align with safety standards or practices applied by the U.S. to their imports.
