Trump to carry out tariff threats if nations don鈥檛 negotiate in 鈥榞ood faith,鈥� US treasury chief warns

US Treasury Secretary Scott Bessent says the countries who are notified would likely see their rates return to the levels set on April 2. (REUTERS/File Photo)
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  • Bessent: Notified countries likely to see April 2 rates return
  • Says Trump administration was focused on its 18 most important trading relationships

WASHINGTON: President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in 鈥済ood faith鈥� on deals, Treasury Secretary Scott Bessent said in television interviews on Sunday.
He did not say what would constitute 鈥済ood faith鈥� 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 percent for 90 days to give negotiators time to hash out deals with other countries. He separately lowered the rate for Chinese goods to 30 percent. 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.
鈥淭his means that they鈥檙e not negotiating in good faith. They are going to get a letter saying, 鈥楬ere is the rate.鈥� So I would expect that everyone would come and negotiate in good faith,鈥� he told NBC News鈥� 鈥淢eet the Press.鈥�
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鈥檚 鈥淪tate of the Union鈥� program: 鈥淎gain, it will depend on whether they鈥檙e negotiating in good faith.鈥�
鈥淢y 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,鈥� he added.
Trump鈥檚 ongoing trade wars have severely disrupted global trade flows and roiled financial markets as investors grapple with what Bessent has called the Republican president鈥檚 鈥渟trategic uncertainty,鈥� in his drive to reshape economic relationships in the US鈥� favor
Companies of all sizes have been whipsawed by Trump鈥檚 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鈥檚 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.
鈥淏etween Walmart and China they should, as is said, 鈥楨AT THE TARIFFS,鈥� and not charge valued customers ANYTHING,鈥� 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.
鈥淲almart is, in fact, going to ... eat some of the tariffs,鈥� Bessent told NBC. 鈥淚 didn鈥檛 apply any pressure.鈥�