Trump administration eyes regional tariffs as global deal deadline looms
The Trump administration originally said it would impose 90 deals in 90 days, but has backed down recently, acknowledging the complexities of negotiating trade pacts with dozens of countries on a compressed timeline, despite stepped-up efforts, President Donald Trump said during his recent trip to the Middle East.
"But it's not possible to meet the number of people that want to see us," Trump explained.
Trump said while in the Middle East that he and Commerce Secretary Scott Lutnick would begin advising some countries on U.S. plans for tariffs in the next two to three weeks.
During an appearance on CNN's "State of the Union," Bessent said the United States will focus on a short list of countries in its initial round of tariffs.
"My other sense is that we will do a lot of regional deals," Bessent said. "This is the rate for Central America, this is the rate for this part of Africa, but what we are focused on right now is the 18 important trading relationships."
Following a move by Moody's Ratings last week to downgrade the United States' credit rating, Bessent called the service a "lagging indicator" during an appearance on NBC's "Meet the Press."
"I think that's what everyone thinks of credit agencies," he said, and asserted that the credit downgrade was in response to Biden fiscal policies.
In response to concerns about tariff costs being passed on to consumers, Trump has said large merchants like WalMart, which imports a significant amount of its merchandise from China, should instead absorb the price increases.
Bessent said Sunday that WalMart CEO Doug McMillion told him that the retail giant would "eat some of the tariffs" as it had done in previous years.
Bessent did not offer a specific date for the tariff imposition.
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(Bloomberg) — Republican Representative Zach Nunn is making an Iowa State Fair video about President Donald Trump's tax law, shot on a John Deere tractor under the blazing August sun. In it, Nunn, one of the nation's most vulnerable incumbents, talks to constituent Sarah Curry about how the expanded child tax credit will help with the cost of one child's speech therapy. Nunn is also planning to use the state fair as the backdrop for more videos selling the bill's provisions temporarily cutting taxes on tips and overtime. Economic issues — namely, Trump's tax package and his tariff war with countries that buy much of Iowa's agricultural products — will be front and center in Nunn's race, and he's eager to get a jumpstart defining the issues. So, too, are Democrats, who see Iowa's two swing districts as must-wins in their push to take back the House majority. Democrat Jennifer Konfrst, who is working to unseat Nunn, said she approaches Iowans at the fair asking them what keeps them up at night and the answer is usually 'costs.' Read more here. Tariffs' impact on Walmart, other retailers' earnings about to come into focus Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Several major retailers will report earnings this week, which may give a first glimpse into how President Trump's tariffs have affected their bottom lines. The list includes Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's Companies (LOW) TJ Maxx parent TJX Companies (TJX) and Ross Stores (ROST). The Trump administration has urged retailers not to raise prices for consumers to offset the tariffs' impact, with a particular focus on Walmart, The Street reminds us: Read more here. Trump's trade war not likely to cause recession, Moody's economist says Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. Economist Justin Begley of Moody's Analytics tells USA Today that President Trump's economic policies won't cause a recession or stagflation, but will likely slow growth and push up inflation. The economy isn't in stagflation yet, Begley said, "but it's edging that way," he adds: Read more here. 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US import prices rebounded in July in the latest sign that inflation is set to pick up because of tariffs. Reuters reports: Read more here.
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4 minutes ago
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New York Post
4 minutes ago
- New York Post
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