The Treasury Department of Scott Bescent stated on Monday that President Trump is prepared for trade talks “at some point,” though the administration has not indicated a plan to enhance the execution of the revoked tariffs.
When queried about initiating trade discussions with Japan on the Fox Business Network, Bessent implied that Trump is willing to negotiate with all relevant trading partners.
“As I mentioned on several programs on April 2, foreign officials have advised to remain calm, avoid escalation, and approach us with your proposals on how tariffs will be reduced, non-tariff barriers will be eliminated, currency manipulation will cease, and funding for grants will be halted,” Bencent stated. “At that moment, President Trump will be open to negotiations.”
Earlier on Monday, Trump was questioned regarding conflicting messages from the White House about tariffs and talks. Peter Navarro, a senior advisor, wrote in a Financial Times Opinion Piece that tariffs were “not up for negotiation.”
“Both statements could indeed be valid. Permanent tariffs could exist while negotiations are ongoing,” Trump noted.
He further stated that he has not contemplated lifting the tariffs and mentioned that other nations have approached him for talks.
“Numerous countries are seeking to negotiate a deal with us, and these will be equitable agreements. In some instances, they will be fair deals. They’ll be fair agreements,” Trump remarked.
The president has maintained that stringent tariffs on numerous countries, set to take effect at 12:01am on Wednesday, are an essential measure, and his announcement has unsettled financial markets, raising fears of an impending recession and economic downturn.
He also reiterated his threat of imposing an additional 50% tariff on China. Following his declaration of a 34% tariff on Chinese imports last week as part of what he described as reciprocal tariffs, Beijing countered by announcing a 34% tariff on American imports, escalating Trump’s warnings on Monday.
