President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in “good faith” on deals, Treasury Secretary Scott Bessent said in television interviews on Sunday.
He did not say what would constitute “good faith” negotiations or clarify the timing to announce any decisions to return a country to the various rates Trump initially imposed on April 2.
Trump has repeatedly reversed course since then, notably on April 9, when he lowered his tariff rates on most imported goods to 10% for 90 days to give negotiators time to hash out deals with other countries. He separately lowered the rate for Chinese goods to 30%. On Friday, he reiterated that his administration would send letters telling nations what their rates would be.
On Sunday, Bessent said the administration was focused on its 18 most important trading relationships and that the timing of any deals would also depend on whether countries were negotiating in good faith, with letters going out to those that did not.
“This means that they’re not negotiating in good faith. They are going to get a letter saying, ‘Here is the rate.’ So I would expect that everyone would come and negotiate in good faith,” he told NBC News’ “Meet the Press.”
He added that those countries that are notified would likely see their rates return to the levels set on April 2.
Asked when any trade deals could be announced, Bessent separately told CNN’s “State of the Union” program: “Again, it will depend on whether they’re negotiating in good faith.”
“My other sense is that we will do a lot of regional deals -this is the rate for Central America. This is the rate for this part of Africa,” he added.
Trump’s ongoing trade wars have severely disrupted global trade flows and roiled financial markets as investors grapple with what Bessent has called the Republican president’s “strategic uncertainty,” in his drive to reshape economic relationships in the U.S.’ favor
Companies of all sizes have been whipsawed by Trump’s swift imposition of tariffs and sudden reversals as they seek to manage supply chains, production, staffing and prices. Congress is also grappling with the tariffs as it weighs revenues and tax cuts in its spending bill.
Walmart, the world’s largest retailer, last week said it would have to start raising prices later in May due to the high costs of tariffs, prompting Trump to slam the company for blaming the increases on his trade policies.
“Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING,” Trump posted online on Saturday.
Bessent said he had spoken to Walmart CEO Doug McMillon on Saturday and that the company would absorb some tariffs. Representatives for the retailer declined to comment.
“Walmart is, in fact, going to … eat some of the tariffs,” Bessent told NBC. “I didn’t apply any pressure.”