financetom
Economy
financetom
/
Economy
/
Countries can avoid Trump's April tariffs by cutting trade barriers, Bessent says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Countries can avoid Trump's April tariffs by cutting trade barriers, Bessent says
Mar 18, 2025 7:59 AM

WASHINGTON (Reuters) - The Trump administration on April 2 will give trading partner countries a proposed U.S. tariff rate based on their own rates, non-tariff trade barriers and other factors -- along with an opportunity to negotiate to avoid a "tariff wall," U.S. Treasury Secretary Scott Bessent said on Tuesday.

"On April 2, each country will receive a number that we believe represents their tariffs," Bessent told Fox Business Network. "For some countries, it could be quite low, for some countries, it could be quite high."

Trump has said that his "reciprocal tariffs" to bring U.S. tariffs to other countries' levels and offset trade practices his administration deems unfair will take effect on April 2. But Bessent's comments indicate that there may be a period of negotiation before collection of new import duties begins.

"We are going to go to them and say, 'Look, here's where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labor suppression, and if you will stop this, we will not put up the tariff wall,'" Bessent said of trading partners.

Countries that fail to reduce their trade barriers will face steeper tariffs aimed at protecting the U.S. economy, its workers and industries, Bessent said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Fed's new economic projections may come with a dose of maybe, maybe not
Fed's new economic projections may come with a dose of maybe, maybe not
Jun 10, 2024
WASHINGTON (Reuters) - Updated economic projections from Federal Reserve officials this week are expected to show fewer interest rate cuts than policymakers anticipated three months ago, faster expected inflation, and slower growth, a pinpoint economic outlook that will carry the weight of the U.S. central bank's authority. It may also come with what amounts to a consumer warning from Fed...
The 'good' and 'bad' news inside the US jobs report
The 'good' and 'bad' news inside the US jobs report
Jun 10, 2024
(Reuters) - The latest U.S. payrolls report did little to settle the debate about where the job market is headed, with ample fodder for both soft-landing believers and doubters over whether the Federal Reserve can tame inflation without sending millions of workers onto the jobless rolls. True, the blowout gain of 272,000 jobs in May exceeded every single estimate among...
This Week In Economics: From Mark Cuban's Wage Stand, Central Banks' Rate Cuts, Oil Price Slump To Inflation Warnings
This Week In Economics: From Mark Cuban's Wage Stand, Central Banks' Rate Cuts, Oil Price Slump To Inflation Warnings
Jun 9, 2024
The past week has been a whirlwind of economic news and market movements. From Mark Cuban’s defense of minimum wage increases to central banks slashing interest rates, the financial landscape has been anything but dull. Let’s dive into the top stories that made headlines over the week. Mark Cuban Defends Minimum Wage Increase  Following the sudden closure of 48 Rubio's...
Fed's new economic projections may come with a dose of maybe, maybe not
Fed's new economic projections may come with a dose of maybe, maybe not
Jun 10, 2024
WASHINGTON (Reuters) - Updated economic projections from Federal Reserve officials this week are expected to show fewer interest rate cuts than policymakers anticipated three months ago, faster expected inflation, and slower growth, a pinpoint economic outlook that will carry the weight of the U.S. central bank's authority. It may also come with what amounts to a consumer warning from Fed...
Copyright 2023-2025 - www.financetom.com All Rights Reserved