Treasury Secretary Scott Bessent warned on Sunday that tariff rates will go back to "reciprocal" levels if countries do not make trade deals with the US during the 90-day pause.
“President Trump has put them on notice that if you do not negotiate in good faith, you will ratchet back up to your April 2 level,” Bessent told CNN , highlighting the 18 key partners with whom the US is prioritizing trade deals.
Downplaying inflation concerns, Bessent said Walmart’s ( WMT ) price hike warning was a “worst case scenario” after speaking with CEO Doug McMillon. This came after President Trump told the retailer on Saturday to "eat the tariffs" instead of raising prices.
"Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, 'EAT THE TARIFFS,' and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!," Trump said in a post on Truth Social .
Walmart ( WMT ) on Thursday said that rising costs from tariffs could lead to higher prices for shoppers as early as this month. The company was the latest to skip giving profit guidance due to Trump's tariffs disrupting global trade.
Trump said Friday that the US will set tariff rates for its trading partners within the next few weeks. He said his administration cannot negotiate trade deals with all countries at once due to limited capacity.
“I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us,” the president said during a meeting with business executives in the United Arab Emirates.
Trump, fresh off a trip to the Middle East, also renewed his criticism of Federal Reserve Chairman Jerome Powell on Saturday.
Trump said the Federal Reserve should cut rates "sooner, rather than later," and continued to express his frustration with Powell
"Too Late Powell, a man legendary for being Too Late, will probably blow it again - But who knows???" Trump added.
Here are the latest updates as the policy reverberates around the world.
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