Scott Bessent says tariff rates will return to ‘reciprocal’ levels if countries don’t reach trade deals with US

News Snapshot:

CNN — Tariff rates will soon return to a “reciprocal” level if countries don’t reach trade agreements during the 90-day pause, Treasury Secretary Scott Bessent said Sunday. “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 said on CNN’s “State of the Union with Jake Tapper.” There are 18 “important” trading partners that the United States is most focused on solidifying deals with, Bessent said. He did not say how quickly tariff rates could revert to “reciprocal” rates. “There are a lot...