The Trump administration on April 2 will give trading partner countries a proposed U.S. tariff rate based on their own rates, non-tariff trade barriers and other factors -- along with an opportunity to negotiate to avoid a "tariff wall," U.S. Treasury Secretary Scott Bessent said on Tuesday.
"On April 2, each country will receive a number that we believe represents their tariffs," Bessent told Fox Business Network. "For some countries, it could be quite low, for some countries, it could be quite high."
"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, and if you will stop this, we will not put up the tariff wall,'" Bessent said of trading partners.
Countries that fail to reduce their trade barriers will face steeper tariffs aimed at protecting the U.S. economy, its workers and industries, Bessent said.
