U.S. Treasury Secretary Scott Bessent discussed the status of U.S. trade negotiations during a late Monday appearance on “Kudlow.” This discussion followed the announcement by President Donald Trump of new tariffs on imported goods, which include a 10% baseline levy and additional targeted tariffs on specific countries.
Bessent conveyed to host Larry Kudlow that President Trump is adept at maximizing leverage. The administration outlined the tariffs on April 2, giving other countries a few days to consider their responses. Bessent emphasized the need for foreign officials to remain calm and engage in discussions with the U.S. about reducing tariffs, eliminating non-tariff barriers, curtailing currency manipulation, and stopping subsidized financing for a productive negotiation when President Trump is ready.
President Trump disclosed earlier that he had a conversation with Japanese Prime Minister Shigeru Ishiba. Following this, Bessent, along with U.S. Trade Representative Jameson Greer, has been assigned to lead tariff negotiations with Japan. Bessent mentioned that President Trump intends to be directly involved in these negotiations as well.
Although no specific offer from Japan has been seen yet, Bessent mentioned on “Kudlow” that approximately 50 to 70 countries have reached out to negotiate with the Trump administration. He noted that upcoming months would be busy, with Japan expected to receive priority due to its swift response. Bessent underscored the significant military and economic ties between the U.S. and Japan.
Defending the Trump administration’s approach, Bessent stated that trade deficits play a role in setting reciprocal tariffs on imports from certain countries. He highlighted that academic studies have identified non-tariff barriers as significant obstacles to achieving free and fair market access for the U.S.
Kudlow inquired about the possibility of concluding a trade deal with Japan in the coming weeks. Bessent reiterated that for countries not retaliating, the U.S. is at its maximum tariff level. He expressed hope for successful negotiations that would lead to reduced tariff levels, stressing that the outcomes depend on other countries. Bessent acknowledged that President Trump believes the current trade environment has been unfair, indicating that negotiations will be challenging.
