US Treasury Secretary Bessent stated on the 18th that for countries lacking good faith or action in trade negotiations, tariffs will revert to the rates announced on April 2. These countries will receive a letter specifying the tariff rates, and it is believed that they will come to negotiations in good faith.
According to a report from Central News Agency, Bessent mentioned on NBC's Sunday political talk show 'Meet the Press' that regarding the results of the US-China-Switzerland talks, both sides did not retreat. They understand that the current situation, like an embargo, is unsustainable and do not wish to continue verbal sparring. Therefore, both sides reduced the 115% tariff, with the US imposing a 30% tariff on China in 2025, and China imposing a 10% tariff on the US. There is now a mechanism for ongoing dialogue between the US and China.
Only the UK and China have trade frameworks and short-term arrangements with the US so far. For other countries, he emphasized that if negotiations lack good faith, the other party will receive a letter specifying the tariff rate, and it is hoped that countries will come to negotiations with good faith.
Regarding the tariff rates for countries lacking good faith or action, Bessent said: 'It will be the rates announced on April 2. For some countries, it will be 10%, and for others, it may be higher. As (US President) Trump pointed out, if there is no willingness to negotiate, it will revert to the rates announced on April 2.'