Treasury Secretary’s Take on Tariff Negotiations

In a recent interview, Treasury Secretary Scott Bescent asserted that President Trump’s significant overhaul of tariffs last month has positioned the U.S. to secure more favorable trade deals with other countries, many of which he described as attractive.

Bescent mentioned to CNN’s Jake Tapper, “With a few exceptions, countries believe they have beneficial suggestions for us. They’re eager to lower tariffs and non-tariff barriers.”

When asked about specific countries the U.S. might trade with and the timelines for these agreements, he refrained from providing specifics. However, he indicated that the administration is concentrating on “18 key trading relationships” and is open to regional agreements.

He also emphasized the urgency of establishing a beneficial trade deal, warning that if agreements aren’t reached swiftly, tariffs could see a return following a temporary suspension by the administration.

“President Trump has made it clear: negotiate in good faith, or you’ll see tariffs revert to April 2 levels,” he stated.

This week, the U.S. and China declared a temporary halt in their ongoing tariff conflict, which had escalated when Trump implemented increased tariffs on Chinese imports on April 2 as part of his “liberation day” plan.

Bescent expressed concerns about the unpredictability generated by changing policies, suggesting that, in a way, this uncertainty has served as a useful negotiation tactic. “We didn’t arrive at this complicated trade situation with China overnight, and President Trump is working to renegotiate these uncertainties,” he explained.

In another segment of the interview on CNN’s “State of the Union,” Bescent dismissed concerns raised by Moody’s regarding recent downgrades of federal credit ratings from Triple-A to Double-A. A Moody’s representative noted it was unprecedented for a credit rating agency to sue over a downgrade of U.S. sovereign debt.

“I have confidence from investors, so I don’t place much weight on Moody’s concerns,” he remarked.

Moody’s had flagged issues around rising debt and interest obligations facing the federal government. Meanwhile, Congressional Republicans have been grappling with spending plans in line with Trump’s agenda, especially with deadlines looming. The House plans to reconvene on Sunday to iron out the details.

Bescent concluded by underscoring the administration’s economic strategy: “We’re aiming to reduce our spending while simultaneously boosting revenue.”