Washington: Some new U.S. tariffs scheduled for April 2 may not be implemented due to pre-negotiated deals, according to U.S. Treasury Secretary Scott Bessent. In a recent Fox Business interview, Bessent highlighted that the Trump administration's plan to impose country-specific "reciprocal" tariffs might be altered if agreements are reached either before or soon after the set date. The tariffs aim to mirror the duties and barriers imposed by other countries on U.S. goods, aligning with President Donald Trump's objective of "fair and reciprocal" trade.
According to Yonhap News Agency, Bessent expressed optimism that negotiations could lead to some tariffs being avoided. He explained that on April 2, the U.S. will release specific reciprocal tariff numbers for each country, calculated by the U.S. Trade Representative and the Commerce Department. This list will serve as a basis for negotiations with trading partners to potentially lower these tariffs.
Bessent described the U.S. strategy as a move to address various trade issues, including tariffs, non-tariff barriers, currency manipulation, and unfair labor practices. The reciprocal tariff policy aims to establish a "win-win" situation, where trading partners are encouraged to reduce trade frictions and engage in fair trade practices. If countries fail to comply, the U.S. plans to implement tariffs to protect its economy and industries.
The secretary also mentioned the existence of "Dirty-15" countries with significantly high tariffs on U.S. goods, though he did not specify which countries fall into this category. These countries reportedly impose substantial non-tariff barriers as well, affecting U.S. products.
South Korea is actively seeking diplomatic solutions to avoid the new tariffs, concerned that its trade surplus and President Trump's views could make it a target. Trump recently claimed that South Korea's average tariff rate is much higher than that of the U.S., although Seoul countered this claim by citing their bilateral free trade agreement, which lowers tariffs to below 1 percent.
In a separate media interview, White House National Economic Council Director Kevin Hassett identified South Korea, China, and European nations as countries with which the U.S. has persistent trade deficits, adding to concerns over potential tariffs.