US tariffs 'should melt': Bessent names condition for Washington to lower duties
Photo: US treasury secretary Scott Bessent (Getty Images)
US import tariffs on goods from other countries are likely to be reduced if the trade imbalance improves.
This was stated by US Treasury Secretary Scott Bessent, according to his interview with Nikkei.
"Over time, the tariffs should be a melting ice cube. If production comes back to the US, then we'll be importing less. So, we'll rebalance," Bessent said.
He also addressed talks with countries that have yet to conclude trade agreements. According to the US Treasury Secretary, Washington will complete these negotiations by the end of October.
The outlet notes that trade talks with China are a top priority for the US.
Bessent said doing business with China is "difficult" because the country has a "non-market economy," adding that such economies have different goals.
"We think that a lot of the production is below cost. It's a jobs program. They have employment goals. They have production goals, more than profitability goals," he explained.
Bessent also noted that tariff policy is a way to increase tax revenues and protect the US industry.
He added that US president Donald Trump uses tariff policy as a tool in foreign policy negotiations.
Trump's tariffs
On April 2, US President Donald Trump announced tariffs against most of America’s trading partners.
However, he soon suspended them for 90 days to allow time for trade deals to be reached. A base tariff of 10% remained in effect for all from that moment.
After the suspension period ended, Trump said the new tariffs would take effect in August. On the night of August 1, the White House published an updated list introducing new tariffs against countries without trade agreements.
On August 7, Trump officially announced that the new tariffs had come into force.
