Tariff pause due to Trump wanting to be 'personally involved' in negotiations: Bessent
Treasury Secretary Scott Bessent said customized tariffs were paused on Wednesday afternoon due to President Donald Trump wanting to be "personally involved" in negotiations as dozens of nations contacted the White House to strike deals.
"We've had more than 75 countries contact us. And I imagine after today, there will be more. So it is just a processing problem. Each one of these solutions is going to be bespoke. It is going to take some time. And President Trump wants to be personally involved. So, that's why we're getting the 90-day pause," Bessent said during a gaggle with the media outside of the White House on Wednesday afternoon.
Trump announced Wednesday that he immediately raised tariffs on Chinese goods to 125% due to Beijing’s "lack of respect" toward America. Additionally, he announced that he paused and lowered reciprocal tariffs on other countries.
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"More than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!" Trump posted to Truth Social.
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Trump unveiled his highly-anticipated "Liberation Day" tariff plan on April 2, leveling customized tariffs on nations that historically installed trade barriers on the U.S. and a 10% baseline tariff on other nations. The customized tariffs took effect on Wednesday at 12:01 a.m., and were paused by the afternoon.
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Bessent continued that the U.S. will negotiate "in good faith" with other nations and that solutions to the tariffs will be "bespoke."
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"President Trump cares about trade and we want to negotiate in good faith. And as I said, each one of these is going to be a separate bespoke negotiation. And… like I said last week, the market didn't understand those were maximum levels. The countries can think about those levels as they come to us to bring down their tariffs, their non-tariff trade barriers. We're going to discuss currency manipulation, subsidy of labor and industry," he said.