President Donald Trump will impose tariffs on trading partners that do not negotiate in “good faith,” Treasury Secretary Scott Bessent said Sunday, signalling a return to rates initially announced on April 2.
“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,” Bessent said on NBC News’ “Meet the Press.”
Bessent did not define what would constitute good-faith negotiations or clarify when the administration would send out the tariff notifications. He said the administration is focused on its 18 most important trading relationships and that countries not meeting expectations would receive letters reinstating the earlier rates.
Those nations “would likely see their rates return to the levels set on April 2,” he said.
Trump has made several changes to tariff rates since their initial rollout. On April 9, he reduced most rates to 10% for 90 days to allow time for negotiations.
Tariffs on Chinese goods were separately reduced to 30%. On Friday, he said his administration would begin notifying countries of their final tariff rates.
Bessent, speaking on CNN’s “State of the Union,” said the timing of trade deals would depend on negotiation progress.
“Again, it will depend on whether they’re negotiating in good faith,” he said.
He also suggested the administration may pursue regional trade agreements. “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,” Bessent said.
The administration’s tariff policy has caused disruptions in global trade and uncertainty for investors and businesses. Trump’s frequent reversals have created challenges for companies managing supply chains, pricing, and staffing.
Walmart last week said it would raise prices later in May due to rising tariff-related costs, prompting a response from Trump.
“Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING,” Trump posted online Saturday.
Bessent said he spoke to Walmart CEO Doug McMillon on Saturday and that the company would absorb some of the added costs.
“Walmart is, in fact, going to … eat some of the tariffs,” Bessent told NBC. “I didn’t apply any pressure.”
