Treasury Secretary Scott Bessent claimed in an interview Sunday that President Trump’s large tariff overhaul final month positioned the U.S. for negotiations on higher commerce offers with overseas nations and plenty of are participating.
“I can tell you that, with a few exceptions, the countries are coming with very good proposals for us,” Bessent informed CNN’s Jake Tapper. “They want to lower their tariffs; they want to lower their non-tariff barriers.”
He didn’t present particulars when Tapper requested which nations the U.S. may strike offers with or how quickly they are going to occur, however he mentioned that the administration is concentrated on “18 important trading relationships” and open to regional agreements with blocs of nations.
Bessent additionally warned that tariff hikes will return after momentary pauses the administration has carried out if nations do not swiftly forge commerce agreements extra helpful to the U.S.
“President Trump has put them on notice that if you do not negotiate in good faith, that you will ratchet back up to your April 2 level,” he mentioned.
The U.S. and China introduced a brief truce this week within the tariff conflict waged since Trump upped the tax on Chinese language imports along with his sweeping “Liberation Day” tariff plan on April 2. Negotiations with different nations prompted an earlier 90-day pause on most hikes days after they have been introduced.
Bessent shot again at complaints concerning the uncertainty the shifting insurance policies have created for companies and customers and described the unpredictable nature, as an alternative, as a useful instrument on CNN.
“We didn’t get her overnight in terms of this terrible trade situation we have with China, but also with the rest of the world, and President Trump is renegotiating these and strategic uncertainty the is a negotiating tactic,” he mentioned.
Throughout the interview on CNN’s “State of the Union,” Bessent additionally downplayed Moody’s current historic downgrade of the federal authorities’s credit standing from the triple-A class to double-A. A Moody’s consultant informed The Hill that it marked the primary time the credit standing company and funding agency had ever taken a downgrade ranking motion on U.S. sovereign debt.
“We are seeing confidence from investors, so I don’t put much credence in the Moody’s,” he mentioned.
Moody’s cited issues over elevated money owed and curiosity funds that must be paid by the federal authorities. Republicans in Congress have been struggling to hash out a spending plan that covers President Trump’s agenda earlier than a Memorial Day deadline. The Home is scheduled to return to the Capitol on Sunday to proceed engaged on particulars.
“We’ve been trying to bring down the spending and we are going to grow the revenue side,” Bessent mentioned of the administration’s financial plan.
