U.S. Tariffs Could Be Avoided Under Pre-Negotiated Deal, Suggests Treasury Secretary

Washington: U.S. Treasury Secretary Scott Bessent indicated on Tuesday that certain new U.S. tariffs might not need to be enforced on April 2, due to a pre-negotiated agreement or subsequent negotiations, as per a decision by President Donald Trump to impose "reciprocal" tariffs on U.S. imports from different countries. Bessent shared these insights during a Fox Business interview, highlighting the Trump administration's plan to implement tariffs reflecting those imposed by other nations on U.S. goods, as a part of efforts to pursue "fair and reciprocal" trade.According to Yonhap News Agency, Bessent expressed optimism about avoiding some tariffs through pre-negotiated deals or negotiations following the release of the reciprocal tariff numbers to each country on April 2. The U.S. Trade Representative and the Commerce Department are responsible for calculating these tariffs. Bessent noted that the U.S. will provide a list of perceived tariff levels, non-tariff barriers, and other trade-related elements to p artner countries, offering them the option to negotiate in order to prevent the imposition of new tariffs.Bessent emphasized the administration's strategy, stating that if other countries agree to eliminate unfair trade practices, the U.S. will refrain from establishing a "tariff wall." Otherwise, the U.S. will proceed with imposing tariffs to safeguard its economy and workforce. He articulated the goal of the reciprocal tariff policy as fostering a "win-win" environment with trading partners, either through reduced trade friction or, if necessary, by raising tariffs to ensure fair trade.The issue of tariffs has prompted South Korea to enhance diplomatic efforts to avoid being affected by the new U.S. measures. Concerns arise from South Korea's trade surplus of US$55.7 billion last year and President Trump's critical stance on Korea as a trading partner. Recently, Trump accused South Korea of having an average tariff rate significantly higher than that of the U.S., a claim that Seoul disputes, citing a ra te of less than 1 percent under their bilateral free trade agreement.White House National Economic Council Director Kevin Hassett, in a media interview on Monday, identified South Korea, China, and European nations as having persistent trade deficits with the U.S., further intensifying tariff concerns in Seoul.