US Plans Tariff Reinstatements for Nations Failing Good Faith Negotiations

Treasury Secretary Scott Bessent stated that President Donald Trump will reinstate higher tariff rates imposed on April 2, known as "Liberation Day" rates, for countries that fail to negotiate trade deals with the U.S. in good faith. Currently, most countries face a 10% tariff rate during a 90-day pause, while China’s tariffs have been temporarily reduced from 145% to 30% amid ongoing negotiations. Bessent emphasized that countries not negotiating sincerely will receive formal letters informing them of their effective tariff rates, signaling the end of negotiations. The administration is focusing on its 18 most important trading relationships and aims to pursue regional trade deals. Despite some tariff easing, trade tensions continue to disrupt global markets, with companies like Walmart warning of price increases. The U.S. has also recently reached a trade agreement with the United Kingdom, which includes increased market access for American exports.