US Treasury Secretary Bessent Warns Maximum Tariffs for Non-Negotiating Countries

Treasury Secretary Scott Bessent reiterated that the Trump administration is prepared to impose increased tariffs on countries that do not negotiate trade deals in good faith, with some tariffs potentially reverting to higher rates initially set on April 2. The U.S. has already secured trade agreements with China and the United Kingdom, though China was criticized for ignoring its trade obligations. Bessent acknowledged that tariffs could lead to higher consumer prices, citing Walmart CEO Doug McMillon's announcement that the company might pass tariff-related costs onto shoppers following a dip in first-quarter profits. Despite this, Bessent emphasized that inflation has recently declined under the Trump administration, attributing consumer concerns partly to previous inflation under the Biden administration. President Trump publicly urged Walmart not to blame tariffs for raising prices, highlighting the company's strong profits. Overall, the administration maintains a tough stance on trade negotiations while managing the economic impacts of tariffs on consumers.