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Investing.com - U.S. President Donald Trump will slap heightened tariffs on trading partners that are perceived to not be negotiating in "good faith", according to Treasury Secretary Scott Bessent.
Speaking in television interviews over the weekend, Bessent did not clarify what would constitute "good faith" in these discussions, nor outline when those nations would face the elevated tariffs Trump first announced at an event on April 2.
Since unveiling these levies, the White House has issued a partial 90-day pause, with Trump arguing the move is necessary to give U.S. officials time to negotiate dozens of trade deals with individual nations.
Last week, the U.S. also reached an agreement to pause and lower tariffs on China, easing worries over a tit-for-tat trade war between the world’s two largest economies. Stocks rallied after the delay was announced, and registered weekly gains.
Still, Trump said during a Middle East trip on Friday that it would not be "possible to meet the number of people that want to see us", adding that some "150 countries" were looking to notch trade deals with Washington.
U.S. trading partners should rather expect letters from Bessent and Commerce Secretary Howard Lutnick outlining "what they will be paying to do business in the United States". The letters will come at a certain point over the next two to three weeks, he added, although he did not say which countries will be receiving these notices.
Bessent told NBC News’ "Meet the Press" program that the Trump administration was focused on its 18 most important trading relationships, adding that the timing of the deals would likely depend on whether the countries were negotiating in good faith. Those that do not will receive the letters, he said.
"They are going to get a letter saying, ’Here is the rate.’ So I would expect that everyone would come and negotiate in good faith," Bessent said.
Despite the recent concessions, universal 10% U.S. tariffs remain in effect, as well as other duties on items like steel, aluminum and auto parts. By some estimates, the U.S. effective tariff rate is now at its highest level since the 1930s.
(Reuters contributed reporting.)