President Donald Trump has promised reciprocal duties -- on both US allies and competitors alike -- from April 2, though his administration has yet to release the exact details of the plan.
“We are going to go to them and say, look, here’s where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labor suppression,“ he added on “Mornings With Maria.”
If countries stop their practices, Bessent said, “we will not put up the tariff wall.”
Trump said Monday on social media that April 2 would be “Liberation Day for America,“ promising to “start taking back some of the vast wealth that has been taken from us.”
The president's tariff plans and the uncertainty surrounding them have shaken markets in recent weeks, fanning fears that an economic ebb could be in the cards.
He dismissed the premise of guaranteeing there will not be a downturn in the world's biggest economy.
The president has referred to tariffs as a way to raise revenue, remedy trade imbalances and pressure countries to act on US concerns.
He added that “we’re going to take in substantial revenues,“ pointing to these as a means to offset the government deficit.
They caution that this does not always mean a net expansion of demand.
Bessent also said Tuesday that the Treasury is working with Congress on further outbound investment rules: “We will make sure that our outbound investment doesn’t turn around and get used against us.”
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