Trump to act on tariffs if nations don't show 'good faith' - Bessent

Published: 2025-05-18 23:56:08 ET WMT

Published on 05/18/2025 at 23:56

STORY: Donald Trump will impose tariffs at the rate he threatened last month if nations don't negotiate in 'good faith'.

That was according to Treasury Secretary Scott Bessent on Sunday.

Speaking in TV interviews, he didn't spell out what 'good faith' meant.

Nor did he specify when Washington might decide to return to the tariffs first imposed on April 2.

Trump has repeatedly changed course since, notably on April 9, when he cut the tariff on most imported goods to 10% for 90 days.

Bessent said the administration was focused on the 18 most important trading relationships.

And he said any country that didn't negotiate would just get a letter saying "here is the rate".

Trump's trade war has disrupted global commerce and roiled financial markets.

Companies of all sizes have been whipsawed by the on-off tariff policies.

Over the weekend, Donald Trump condemned Walmart for saying it would have to raise prices as a result of the import duties.

He said the retail giant should "eat the tariffs".

Bessent said company chief Doug McMillon told him Saturday that Walmart would indeed absorb some of the costs.

There was no response from the firm to the claim.