Trump’s Treasury Secretary shuts down tariff concerns and praises “frictionless world trade”
Treasury Secretary Scott Bescent discusses VP Vance, who threatens Russia with government spending waste, with President Donald Trump signing mutual tariff plans, a potential economic partnership agreement with Ukraine. .
Less than a day after President Donald Trump approved a mutual tariff plan, the administration’s Treasury Secretary closed economic concerns about the state of global trade.
“President Trump is serious about negotiating this, and I understand why we want to have more frictionless world trade if we want to defeat all these barriers. I haven’t done it,” Scott Bescent said. Exclusive interview “Morning with Maria” Friday.
“You should take him with his words, as you learned with President Trump. This is not a theatre,” he continued. “The April 1 deadline is for research conducted by the Department of Commerce on global tariffs applied to US products by country.”
On Thursday, Trump announced plans for the US to see Implementation of “mutual” tariffs For countries that tax or restrict the market for American goods. Trump said he does not expect exemptions or exemptions from plans that could apply to both his enemy and allies.
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White House officials said Commerce Secretary Howard Lutnick and US trade representative have submitted reports detailing tariffs for each country and are previewing the announcement. The survey will be completed by April 1st.
US Treasury Secretary Scott Bescent discussed global trade and Trump’s tariff plans on “Morning Maria” on Friday. (Getty Images)
Officials added that Office of Management and Budget (OMB) Director Russ Vought will have 180 days to prepare a report assessing the financial impact.
This comes just days after the Trump administration announced 25% tariffs Imports of steel and aluminumand last week China’s 10% ship-on-ship tariff.
“We come up with what is the index equivalent, mutual index, country by country, unpaid tariffs, non-taxes, trade barriers, and what is called currency manipulation,” explained Becent.
“We expect to receive this report and we can see how our trading partners respond. But if he needs him, he will tell them to implement them. “We can do that,” the Treasury Secretary added. “And, like he said in an interview yesterday, this could be a huge revenue stream for the US government.”
US Treasury Secretary Scott Bescent addressed President Donald Trump’s economic and financial goals in his first interview on “Kudrow” since joining the administration.
Bessent also responded to widespread criticism from some economists and market experts that tariffs could exacerbate inflation. Create extra costs For consumers.
“I think it’s a simplistic, reductionist view. It’s typical of old thinking, and that’s why the US has been used for so many years. That’s what we’ve been able to make these huge trade deficits go. That’s why we have it. That’s why. Our products are not permitted… we can sell them overseas,” he said.
“What President Trump wants is for American companies to trade without friction. And I can stand behind American manufacturers and make the best products at the best prices. , they can be sold anywhere in the world without these barriers.”
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White House trade and manufacturing senior counselor Peter Navarro highlights the economic importance of the inverse tariff plans for President Doge and President Donald Trump’s “Evening Edit.”
According to the top American money manager, revenue from tariffs is solely dependent on collaborations from trade partners.
“It will depend on our trading partner’s responses, how quickly they do it, and how much they do it over time,” Bescent said. “But we could tell you that if they don’t want to drop their tariffs, these could be very, very important, because we will match them.
Greg Norman of Fox Business contributed to this report.