“More than 50 countries” have now approached the Trump administration to make deals to lower tariffs and reduce trade barriers, according to Treasury Secretary Scott Bessent, after President Trump’s announcement of “reciprocal tariffs” on Wednesday sent shockwaves across the world.
“More than 50 countries have approached … the administration about lowering their non-tariff trade barriers, lowering their tariffs, stopping currency manipulation,” Bessent told NBC’s Kristen Welker on Sunday.
“And… they’ve been bad actors for a long time. And it’s not the kind of thing you can negotiate away, be it in days or weeks.”
Trump’s announcement of the tariffs on Wednesday—which he called “Liberation Day”—caused panic at home and abroad, and a record two-day decline in stock-market value of $5 trillion. Prices for oil and commodities plummeted, as investors sought a measure of safety in government bonds.
The 10% baseline tariff took effect at 12.01 am ET on Saturday. At 12.01am ET on Wednesday, Trump’s higher “reciprocal” tariff rates, varying from 11% to 50%, will also take effect. Imports from the European Union will face a 20% tariff, while Chinese goods will be subject to an additional 34% tariff, bringing the total Trump has imposed on China to 54%.
In his interview, the Treasury Secretary described the tariffs as a “one-time price adjustment.”
“Have you expressed any concerns to President Trump directly that his tariff policy could be inflationary?” Welker asked Bessent.
“No, what I have said is tariffs are a one-time price adjustment,” Bessent responded.
“So, there’s a big difference between insipid, endemic inflation within the system and consistent price-level increases and a one-time adjustment.”
President Trump has stressed that his tariffs will cause an “economic revolution.”
“We have been the dumb and helpless ‘whipping post,’ but not any longer,” the President wrote on Truth Social, on Saturday.
“We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!”
“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN,” he added. “HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!”