Bessent: Trump’s Tariffs Prompt Trade Partners to Offer Concessions

Treasury Secretary says several countries seeking to reduce tariffs ahead of Trump’s April 2 reciprocal tariff implementation.

By yourNEWS Media Newsroom

President Donald Trump’s tariff strategy is already delivering results as multiple U.S. trade partners have signaled willingness to reduce their own tariffs ahead of the administration’s April 2 implementation of reciprocal duties, Treasury Secretary Scott Bessent said Sunday. The president announced sweeping tariffs last week, including a 25% duty on imports from Canada and Mexico and a 10% tariff on Chinese goods, with additional tariffs to be applied reciprocally to all trade partners beginning next month.

During an appearance on NBC’s “Meet the Press”, Bessent said, “Going into April 2 and already now, we’ve seen some of our most imbalanced trading partners come forward and want to drop their tariffs.” He noted that the administration’s approach—offering to drop U.S. tariffs if others do the same—has pushed countries with significant trade imbalances to the negotiation table. “We are already seeing some of the worst offenders come down,” he said.

Bessent emphasized that Americans should monitor developments beyond the April 2 start date of the tariff plan. “I would also tell everyone to look what happens from April 2 to, say, June 30 as the other countries come down too,” he said. He described the president’s plan as a “win-win situation” in which trade becomes more balanced, or the U.S. collects “substantial revenues” if trade partners maintain their tariffs.

Addressing concerns that the tariffs will increase consumer prices, Bessent pushed back. “They don’t have to because I believe especially with the China tariffs that China’s manufacturers, they will eat the VAT, will eat the price or eat the tariffs,” he said. He added that currency adjustments and other Trump administration policies—such as deregulation and reduced energy prices—would help offset potential inflationary effects. “Americans will realize lower prices and better affordability,” he asserted.

While acknowledging economic uncertainty, Bessent rejected the notion that tariffs could trigger a financial crisis. “There are no guarantees” against a recession, he said, but he ruled out the chance of a financial crisis, suggesting any economic shift would be a manageable adjustment rather than a severe downturn.