WASHINGTON: President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in “good faith” on deals, Treasury Secretary Scott Bessent said in television interviews on Sunday.
He did not say what would constitute “good faith” negotiations or clarify the timing to announce any decisions to return a country to the various rates Trump initially imposed on April 2.
Trump has repeatedly reversed course since then, notably on April 9, when he lowered his tariff rates on most imported goods to 10 percent for 90 days to give negotiators time to hash out deals with other countries. He separately lowered the rate for Chinese goods to 30 percent. On Friday, he reiterated that his administration would send letters telling nations what their rates would be.
On Sunday, Bessent said the administration was focused on its 18 most important trading relationships and that the timing of any deals would also depend on whether countries were negotiating in good faith, with letters going out to those that did not.
“This means that they’re not negotiating in good faith. 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,” he told NBC News’ “Meet the Press.”
He added that those countries that are notified would likely see their rates return to the levels set on April 2.
Asked when any trade deals could be announced, Bessent separately told CNN’s “State of the Union” program: “Again, it will depend on whether they’re negotiating in good faith.”
“My other sense is that we will do a lot of regional deals -this is the rate for Central America. This is the rate for this part of Africa,” he added.
Trump’s ongoing trade wars have severely disrupted global trade flows and roiled financial markets as investors grapple with what Bessent has called the Republican president’s “strategic uncertainty,” in his drive to reshape economic relationships in the US’ favor
Companies of all sizes have been whipsawed by Trump’s swift imposition of tariffs and sudden reversals as they seek to manage supply chains, production, staffing and prices. Congress is also grappling with the tariffs as it weighs revenues and tax cuts in its spending bill.
Walmart, the world’s largest retailer, last week said it would have to start raising prices later in May due to the high costs of tariffs, prompting Trump to slam the company for blaming the increases on his trade policies.
“Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING,” Trump posted online on Saturday.
Bessent said he had spoken to Walmart CEO Doug McMillon on Saturday and that the company would absorb some tariffs. Representatives for the retailer declined to comment.
“Walmart is, in fact, going to ... eat some of the tariffs,” Bessent told NBC. “I didn’t apply any pressure.”
Trump to carry out tariff threats if nations don’t negotiate in ‘good faith,’ US treasury chief warns
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Trump to carry out tariff threats if nations don’t negotiate in ‘good faith,’ US treasury chief warns
- Bessent: Notified countries likely to see April 2 rates return
- Says Trump administration was focused on its 18 most important trading relationships
Starmer’s chief of staff quits over former US ambassador's Epstein ties
- Morgan McSweeney said he took responsibility for advising UK's PM to appoint Peter Mandelson as Washington envoy
- Epstein files suggest that Mandelson sent market-sensitive information to the convicted sex offender when he was part of UK government
LONDON: British Prime Minister Keir Starmer's chief of staff resigned Sunday over the furor surrounding the appointment of Peter Mandelson as the UK ambassador to the US despite his ties to Jeffrey Epstein.
Morgan McSweeney said he took responsibility for advising Starmer to appoint Mandelson, 72, to Britain’s most important diplomatic post in 2024.
“The decision to appoint Peter Mandelson was wrong. He has damaged our party, our country and trust in politics itself,” McSweeney said in a statement. “When asked, I advised the Prime Minister to make that appointment and I take full responsibility for that advice.”
Starmer is facing a political storm and questions about his judgment after newly published documents, part of a huge trove of Epstein files made public in the United States, suggested that Mandelson sent market-sensitive information to the convicted sex offender when he was the UK government’s business secretary during the 2008 financial crisis.
Starmer’s government has promised to release its own emails and other documentation related to Mandelson’s appointment, which it says will show that Mandelson misled officials.
The prime minister apologized this week for “having believed Mandelson’s lies.”
He acknowledged that when Mandelson was chosen for the top diplomat job in 2024, the vetting process had revealed that Mandelson’s friendship with Epstein continued after the latter’s 2008 conviction. But Starmer maintained that “none of us knew the depth of the darkness” of that relationship at the time.
A number of lawmakers said Starmer is ultimately responsible for the scandal.
“Keir Starmer has to take responsibility for his own terrible decisions,” said Kemi Badenoch, leader of the opposition Conservative Party.
Mandelson, a former Cabinet minister, ambassador and elder statesman of the governing Labour Party, has not been arrested or charged.
Metropolitan Police officers searched Mandelson’s London home and another property linked to him on Friday. Police said the investigation is complex and will require “a significant amount of further evidence gathering and analysis.”
The UK police investigation centers on potential misconduct in public office, and Mandelson is not accused of any sexual offenses.
Starmer had fired Mandelson in September from his ambassadorial job over earlier revelations about his Epstein ties. But critics say the emails recently published by the US Justice Department have brought serious concerns about Starmer’s judgment to the fore. They argue that he should have known better than to appoint Mandelson in the first place.
The new revelations include documents suggesting Mandelson shared sensitive government information with Epstein after the 2008 global financial crisis. They also include records of payments totaling $75,000 in 2003 and 2004 from Epstein to accounts linked to Mandelson or his husband Reinaldo Avila da Silva.
Aside from his association with Epstein, Mandelson previously had to resign twice from senior government posts because of scandals over money or ethics.
Starmer had faced growing pressure over the past week to fire McSweeney, who is regarded as a key adviser in Downing Street and seen as a close ally of Mandelson.
Starmer on Sunday credited McSweeney as a central figure in running Labour’s recent election campaign and the party’s 2004 landslide victory. His statement did not mention the Mandelson scandal.
Morgan McSweeney said he took responsibility for advising Starmer to appoint Mandelson, 72, to Britain’s most important diplomatic post in 2024.
“The decision to appoint Peter Mandelson was wrong. He has damaged our party, our country and trust in politics itself,” McSweeney said in a statement. “When asked, I advised the Prime Minister to make that appointment and I take full responsibility for that advice.”
Starmer is facing a political storm and questions about his judgment after newly published documents, part of a huge trove of Epstein files made public in the United States, suggested that Mandelson sent market-sensitive information to the convicted sex offender when he was the UK government’s business secretary during the 2008 financial crisis.
Starmer’s government has promised to release its own emails and other documentation related to Mandelson’s appointment, which it says will show that Mandelson misled officials.
The prime minister apologized this week for “having believed Mandelson’s lies.”
He acknowledged that when Mandelson was chosen for the top diplomat job in 2024, the vetting process had revealed that Mandelson’s friendship with Epstein continued after the latter’s 2008 conviction. But Starmer maintained that “none of us knew the depth of the darkness” of that relationship at the time.
A number of lawmakers said Starmer is ultimately responsible for the scandal.
“Keir Starmer has to take responsibility for his own terrible decisions,” said Kemi Badenoch, leader of the opposition Conservative Party.
Mandelson, a former Cabinet minister, ambassador and elder statesman of the governing Labour Party, has not been arrested or charged.
Metropolitan Police officers searched Mandelson’s London home and another property linked to him on Friday. Police said the investigation is complex and will require “a significant amount of further evidence gathering and analysis.”
The UK police investigation centers on potential misconduct in public office, and Mandelson is not accused of any sexual offenses.
Starmer had fired Mandelson in September from his ambassadorial job over earlier revelations about his Epstein ties. But critics say the emails recently published by the US Justice Department have brought serious concerns about Starmer’s judgment to the fore. They argue that he should have known better than to appoint Mandelson in the first place.
The new revelations include documents suggesting Mandelson shared sensitive government information with Epstein after the 2008 global financial crisis. They also include records of payments totaling $75,000 in 2003 and 2004 from Epstein to accounts linked to Mandelson or his husband Reinaldo Avila da Silva.
Aside from his association with Epstein, Mandelson previously had to resign twice from senior government posts because of scandals over money or ethics.
Starmer had faced growing pressure over the past week to fire McSweeney, who is regarded as a key adviser in Downing Street and seen as a close ally of Mandelson.
Starmer on Sunday credited McSweeney as a central figure in running Labour’s recent election campaign and the party’s 2004 landslide victory. His statement did not mention the Mandelson scandal.
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