Scott Bessent says up to 70 nations want to negotiate over Trump's tariffs

Treasury Secretary Scott Bessent shared insights on America's tariff discussions with global partners during a Monday evening interview on "Kudlow." President Donald Trump recently announced fresh tariffs on imported goods from foreign nations, including a standard 10% tax and "personalized reciprocal higher" duties on specific countries.

Bessent explained to host Larry Kudlow that Trump "excels at creating maximum leverage for himself by outlining the tariffs on April 2 and then allowing countries several days to consider their options."

"I advised on numerous shows on April 2 that foreign officials should remain calm, avoid escalation, and approach us with proposals on reducing tariffs, eliminating non-tariff obstacles, stopping currency manipulation, and ending subsidized financing. At some point, President Trump will be ready to talk," he stated.

Scott Bessent touts tariff strategy, says up to 70 countries ... (Source: www.foxbusiness.com)

Trump mentioned earlier today his conversation with Japanese Prime Minister Shigeru Ishiba. Following this, Bessent and U.S. Trade Representative Jameson Greer were selected to lead tariff negotiations with Japan. Bessent noted that Trump would "be directly involved in these discussions" as well.

While Bessent hadn't seen any specific proposal from Japan, he told Kudlow that "50, 60, perhaps nearly 70 countries" have reached out to the Trump administration seeking to negotiate.

"April, May, and possibly into June will be quite busy," Bessent remarked. He indicated that Japan would likely receive "priority" in negotiations "because they came forward very quickly." He also highlighted the significant military and economic connections between the United States and Japan.

During the interview, Bessent supported the Trump administration's use of trade deficits when calculating reciprocal tariffs on imports from certain foreign nations. He added that "academic research has demonstrated that non-tariff trade barriers are the real issue preventing the U.S. from having free and fair access to these markets."

When Kudlow asked if a trade agreement with Japan might be completed within the next couple of weeks, Bessent responded, "I'll repeat what I observed last week for countries that don't retaliate. We are at a maximum tariff level, and I hope that through effective negotiations, we will only see levels decrease. However, that depends on the other countries."

And you know, President Trump is going to be personally involved in these negotiations, and he believes, as many of us do, that there's been an unfair playing field, so the negotiations are going to be tough," Bessent said.

President Trump plans to take a hands-on role in these talks, according to Bessent. He shares the view held by many administration officials that global trade conditions have been stacked against American interests for too long. Because of this perception of imbalance, Bessent warned that upcoming discussions would be challenging and demanding.

Trump's tariffs rollout beset by confusion, uncertainty and ... (Source: www.nbcnews.com)

"The President will directly participate in these discussions himself," Bessent explained. "He holds the conviction, which many team members also share, that the current trade environment lacks fairness and balance. This belief means our negotiation approach will necessarily be firm and unyielding."