US Treasury Secretary Bessent's first statement on the pause in tariffs: 'We have rewarded countries'

Pointing out that Trump's strategy has brought more than 75 countries to the negotiating table, Bessent stated that countries that did not retaliate have been "rewarded."

Bessent noted that they would lower tariffs to a 10 percent baseline for countries willing to negotiate, emphasizing that China is facing a 125 percent tariff due to its escalation of tensions.

When asked, "Are Mexico and Canada also included in the 10 percent tariff?" Bessent replied, "Yes."

"HE WANTS TO BE PERSONALLY INVOLVED IN THE NEGOTIATIONS"

Treasury Secretary Scott Bessent stated that China has the most unbalanced economy in modern world history and is the biggest source of US trade problems.

Suggesting that China also poses a problem for the rest of the world, Bessent said, "I don't call this a trade war. But I am saying that China has escalated it, that President Trump has responded very boldly, and that we will work on a solution with our trade partners."

Secretary Bessent expressed that Trump has created a major bargaining chip, noting that requests for good-faith negotiations have been received from allies.

Providing information that more than 75 countries have contacted them so far, Bessent said, "I expect this number to increase even further after today. The process will take some time, and President Trump wants to be personally involved. That is why we are going for a 90-day pause."

"ACTION WAS NOT TAKEN DUE TO MARKET REACTION"

Scott Bessent said that the 10 percent base tariffs would remain in effect.

Stating that the reason for the pause in tariffs was not the reaction of the markets, Bessent noted that the market now understands that the tariff rates they saw last week are a ceiling and that they have gained a bit more certainty.

News Source: AA