Treasury Secretary Says Agreements Can Avoid Higher Tariffs for 17 Countries
Treasury Secretary Scott Bessent said in a TV interview that "an agreement in principle" can be reached with 17 trading partners to prevent "the tariffs there from ratcheting back to the maximum level."
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Bessent, who was speaking April 27 on ABC News' This Week, said that to avoid higher tariffs, the other countries would have to stay within the parameters of the agreement in principle, though he said "a trade deal can take months."
Bessent said out of 180 countries, there are 18 important trading partners, and China is its own separate process.
Regarding the other 17, he said, "some of those are moving along very well, especially the – with the Asian countries."
However, South Korea is under a caretaker government, and local media quoted Korea's vice minister of trade saying that Korea cannot commit to a comprehensive trade package by the end of May. Trump has been saying that deals to set tariff rates for trading partners will be wrapped up in three to four weeks.
The minister, Park Sung-taek, told reporters in Seoul, "We fully explained our political situation to the United States during our latest talks. The U.S. side also understands that Korea's special political situation could be a limiting factor in negotiations."
Host Martha Raddatz pressed Bessent on whether President Donald Trump and President Xi Jinping have talked since the tariffs were hiked on China. Trump has said that China's president called him, but at other times, has been evasive about whether they have talked since the trade war escalated.
Bessent acknowledged that he has not talked trade with Chinese officials, and said he doesn't know if Trump has.
Raddatz interviewed the owner of a Maryland company that designs dog harnesses and dog life jackets, and sources them in China before Bessent appeared on the show. Baydog owner Barton O'Brien said he was canceling an order of harnesses, because the amount he'd have to pay with a 145% tariff would make him lose money on each sale, he could not hike the price to cover the cost.
Bessent told Raddatz "the goal is not to manufacture dog collars again in the U.S.... the president is looking forward to the jobs of the future, not the jobs of the past. The goal is to bring back high-performance manufacturing jobs or create high-performance manufacturing jobs."
Trump, both speaking to reporters over the weekend and on social media, emphasized the revenue tariffs would bring in, which would only happen if higher tariffs remain for the long-term, but not so high as to shift purchasing to U.S.-made goods. His account on social media wrote, "When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING!!!"