Trump tariffs live updates: Bessent hopes for progress in 90-day 'pause' window as Trump presses China

Yahoo

15-04-2025

US Treasury Secretary Scott Bessent told Yahoo Finance on Tuesday that he was optimistic about "clarity" on tariffs and progress on key trade deals over the next 90 days, as President Trump simultaneously sought to ramp up pressure on China to come to the negotiating table.
"Let's set aside China. There are 15 large trading partners. We set aside China," Bessent told Yahoo Finance Executive Editor Brian Sozzi. There are 14, and we're in rapid motion and setting up a process for the 14 largest trading partners."
He added: "I think if we follow the process, we could have substantial clarity on those 14 away from China in terms of agreements in principle. And then once we reach a level that we've agreed on and they've agreed to lower their tariffs, lower their non-tariff barriers, currency manipulation, and subsidies of industry and labor, then I think we can move forward."
The comments come as Trump instituted a broad 90-day pause on steep "Liberation Day" tariffs, aiming to give time for negotiators to work out new deals. But Trump has also ballooned tariffs on China, as the tit-for-tat between the world's two largest economies intensifies. China has raised its duties on imports of US goods to 125% from 84%, while US tariffs on Chinese imports have ballooned to 145%.
"The ball is in China's court. China needs to make a deal with us. We don't have to make a deal with them," the White House press secretary said Tuesday, reading a statement she said Trump had dictated.
Over the past several days, investors have focused on possible delays and exemptions — on Monday, Trump signaled a possible delay to auto tariffs, adding to market relief after suspending levies on some consumer tech, even as he insists these tariffs will eventually come to fruition.
Late Monday, the Trump administration took a key step toward tariffs on semiconductor and drug imports, as the Commerce Department began an investigation seen as a precursor to imposing the levies.
Meanwhile, the baseline 10% tariff that went into effect on April 5 remains in place for all affected imports into the US.
Elsewhere, goods compliant to the United States–Mexico–Canada Agreement (USMCA) are imported tariff-free when traded among the three countries, while most non-compliant goods are tariffed at 25%.
Here are the latest updates as the policy reverberates around the world.
Treasury Secretary Scott Bessent addressed whether he thinks the US's 145% tariff rate on China is permanent, as the tit-for-tat trade war between the two countries escalates.
"Look, I think no one thinks that these are sustainable over the long run," Bessent told Yahoo Finance's Brian Sozzi. "But with President Trump, I'm not going to give away his negotiating strategy ... So I think [President Trump] gets maximum strategy because he keeps everything on the table all the time."
Treasury Secretary Scott Bessent sat down with Yahoo Finance's Brian Sozzi on Tuesday to discuss tariffs, the bond market, and more.
"President Trump wants to be involved," Bessent said about the trade negotiations during the 90-day additional reciprocal tariff pause.
He said that the administration is "in rapid motion" setting up a process for evaluating trade deals with the US's largest 14 trading partners other than China.
"So in 90 days, are we going to have a complete document, a formal legal document, done and dusted? Not likely," Bessent said. "But I think if we follow the process, we could have substantial clarity ... on those 14 away from China in terms of agreements in principle. And then once we reach a level that we've agreed on, and they've agreed to lower their tariffs, lower their non-tariff barriers, currency manipulation, and subsidies of industry and labor, then I think we can move forward."
Bessent continued that countries negotiating with the White House need to bring their "A game."
The White House press secretary on Tuesday said "the ball was in China's court" as President Trump pushes for negotiations to tamp down a trade war between the world's two largest economies.
"The ball is in China's court. China needs to make a deal with us. We don't have to make a deal with them," Press Secretary Karoline Leavitt said Tuesday, according to Bloomberg, in a statement she said had been dictated by Trump.
"There's no difference between China and any other country except they are much larger, and China wants what we have, what every country wants, what we have — the American consumer — or to put another way, they need our money," she said.
Per Bloomberg:
Johnson & Johnson (JNJ) said Tuesday that it expects about $400 million in tariff-related costs this year — not including possible tariffs on pharmaceutical imports, which Trump alluded are coming soon.
The Trump administration has proceeded with its Section 232 investigations into imports of pharmaceuticals and semiconductors in the first step to levy tariffs on those sectors.
J&J, which is investing in manufacturing its advanced medicines in the US, said that if additional pharmaceutical tariffs go into effect, they could lead to supply chain issues and shortages.
The Associated Press reports:
Read more here.
Trade talks between the European Union and US made "little progress" over the past several days, and EU negotiators expect the bulk of duties to remain once President Trump's "reciprocal" tariff pause resumes.
Per Bloomberg:
Trump has taken particular aim at the EU as part of his pledge to reshape the US trade landscape, even with longstanding allies. As Bloomberg notes, the EU has floated that both sides remove tariffs on "industrial goods, including cars," but the US has rejected those terms.
Read the full Bloomberg report here.
US import prices slipped in March, largely due to a drop in energy costs — a surprise dip. But with trade tensions rising and fresh tariffs looming, that relief may not last.
Reuters reports:
Read more here
Bloomberg reports:
Read more here.
Vice President JD Vance said that the Trump administration is working with UK Prime Minister Keir Starmer's government to strike a new US-UK trade deal.
He noted that the president's cultural affinity for Britain could boost cooperation. The US has imposed a 10% tariff on imports from the UK to the US as well as 25% tariffs on autos, steel, and aluminum.
"The President really loves the United Kingdom," Vance said to the online publication UnHerd on Tuesday. "He loved the Queen. He admires and loves the King. It is a very important relationship. And he's a businessman and has a number of important business relationships in [Britain]."
"I think there's a good chance that, yes, we'll come to a great agreement that's in the best interest of both countries," Vance added.
Read more here.
On Monday, the Trump administration opened a probe into pharmaceutical imports, and the president pledged that pharma tariffs would come in the "not-too-distant future."
"We don't make our own drugs anymore," Trump said in a media appearance, as my colleague Brett LoGiurato documented here. "All I have to do is impose a tariff. The higher the tariff, the faster they come."
Trump has repeatedly singled out Europe — Ireland, in particular — as a target for tariffs.
But recent reports suggest that if tariffs do come, Ireland and its US customers won't be completely caught off guard. Reuters reports that Ireland has been rushing to ship pharmaceuticals and medical products to the US ahead of tariffs, including by air.
Irish pharma exports to the US surged by more than 450% from the previous year in February from 1.9 billion euros to 10.5 billion euros, Ireland's Central Statistics Office said. Exports also spiked by 130% in January to 9.4 billion euros, suggesting US drugmakers may be stockpiling medicines.
Read more here.
Big Tech's size is its shield. A temporary tariff reprieve gave stocks a boost — for now. But other sectors may not be so lucky.
My Yahoo Finance colleague Hamza Shaban digs deeper into the winners, losers, and political spin behind the tariff drama.
Read more here
Nissan (7201.T) plans to reduce production in Japan of its best-selling US model, the Rogue SUV, between May and July, according to a source familiar with the matter. The move marks the latest adjustment by a global carmaker in response to new US import tariffs.
Reuters reports:
Read more here
Honda (HMC) may move some car production from Mexico and Canada to the US, with plans to manufacture 90% of vehicles sold in the country locally, the Nikkei reported Tuesday. The shift comes in response to new US auto tariffs.
Reuters reports:
Read more here
Chinese workers are bearing the brunt of an economic slowdown caused by the US-China trade war. The impact is being felt across the country as a weakened labour market was struck by the erratic tit-for-tat tariffs that erupted over the beginning of 2025.
Bloomberg reports:
Read more here.
Bloomberg News reports:
Read more here.
Yahoo Finance's Allie Canal writes:
Read more here.
Yahoo Finance's Jennifer Schonberger reports:
Read more here.
President Trump just made a variety of comments on tariffs during a media appearance. Some highlights:
When the US levies a tariff on an imported good, who pays the price: the manufacturer, the importer, or the consumer?
A new study published by the Federal Reserve Bank of Boston found that the consumer ultimately gets charged for the higher cost of importing.
Researchers working with Morning Consult asked small- and medium-size businesses about their expectations for tariffs at the end of 2024. They found that firms planned to pass along higher costs from tariffs to their customers by raising prices.
Importers said they expected the cost increases to be fully reflected in prices in about two years, but the extent of these price increases would vary under different tariff scenarios.
Capital Economics calculates the current effective tariff rate on US imports at 22% after some exemptions on tech products. Last week, the effective rate reached 27%, the highest level in over a century.
US President Donald Trump has announced a 90-day pause on proposed tariff hikes. But exporters remain wary, as a 10% flat levy could return if trade talks fall short. Here's a look at what could go missing from American shelves as businesses weigh the cost of additional tariffs and mull reducing their US exposure.
Bloomberg News reports:
Read more here
The world's top two economies appear to be on a long-term path toward decoupling, following a month marked by a sharp rise in China's exports and a trade surplus nearing $103 billion.
Bloomberg News reports:
Read more here
Treasury Secretary Scott Bessent addressed whether he thinks the US's 145% tariff rate on China is permanent, as the tit-for-tat trade war between the two countries escalates.
"Look, I think no one thinks that these are sustainable over the long run," Bessent told Yahoo Finance's Brian Sozzi. "But with President Trump, I'm not going to give away his negotiating strategy ... So I think [President Trump] gets maximum strategy because he keeps everything on the table all the time."
Treasury Secretary Scott Bessent sat down with Yahoo Finance's Brian Sozzi on Tuesday to discuss tariffs, the bond market, and more.
"President Trump wants to be involved," Bessent said about the trade negotiations during the 90-day additional reciprocal tariff pause.
He said that the administration is "in rapid motion" setting up a process for evaluating trade deals with the US's largest 14 trading partners other than China.
"So in 90 days, are we going to have a complete document, a formal legal document, done and dusted? Not likely," Bessent said. "But I think if we follow the process, we could have substantial clarity ... on those 14 away from China in terms of agreements in principle. And then once we reach a level that we've agreed on, and they've agreed to lower their tariffs, lower their non-tariff barriers, currency manipulation, and subsidies of industry and labor, then I think we can move forward."
Bessent continued that countries negotiating with the White House need to bring their "A game."
The White House press secretary on Tuesday said "the ball was in China's court" as President Trump pushes for negotiations to tamp down a trade war between the world's two largest economies.
"The ball is in China's court. China needs to make a deal with us. We don't have to make a deal with them," Press Secretary Karoline Leavitt said Tuesday, according to Bloomberg, in a statement she said had been dictated by Trump.
"There's no difference between China and any other country except they are much larger, and China wants what we have, what every country wants, what we have — the American consumer — or to put another way, they need our money," she said.
Per Bloomberg:
Johnson & Johnson (JNJ) said Tuesday that it expects about $400 million in tariff-related costs this year — not including possible tariffs on pharmaceutical imports, which Trump alluded are coming soon.
The Trump administration has proceeded with its Section 232 investigations into imports of pharmaceuticals and semiconductors in the first step to levy tariffs on those sectors.
J&J, which is investing in manufacturing its advanced medicines in the US, said that if additional pharmaceutical tariffs go into effect, they could lead to supply chain issues and shortages.
The Associated Press reports:
Read more here.
Trade talks between the European Union and US made "little progress" over the past several days, and EU negotiators expect the bulk of duties to remain once President Trump's "reciprocal" tariff pause resumes.
Per Bloomberg:
Trump has taken particular aim at the EU as part of his pledge to reshape the US trade landscape, even with longstanding allies. As Bloomberg notes, the EU has floated that both sides remove tariffs on "industrial goods, including cars," but the US has rejected those terms.
Read the full Bloomberg report here.
US import prices slipped in March, largely due to a drop in energy costs — a surprise dip. But with trade tensions rising and fresh tariffs looming, that relief may not last.
Reuters reports:
Read more here
Bloomberg reports:
Read more here.
Vice President JD Vance said that the Trump administration is working with UK Prime Minister Keir Starmer's government to strike a new US-UK trade deal.
He noted that the president's cultural affinity for Britain could boost cooperation. The US has imposed a 10% tariff on imports from the UK to the US as well as 25% tariffs on autos, steel, and aluminum.
"The President really loves the United Kingdom," Vance said to the online publication UnHerd on Tuesday. "He loved the Queen. He admires and loves the King. It is a very important relationship. And he's a businessman and has a number of important business relationships in [Britain]."
"I think there's a good chance that, yes, we'll come to a great agreement that's in the best interest of both countries," Vance added.
Read more here.
On Monday, the Trump administration opened a probe into pharmaceutical imports, and the president pledged that pharma tariffs would come in the "not-too-distant future."
"We don't make our own drugs anymore," Trump said in a media appearance, as my colleague Brett LoGiurato documented here. "All I have to do is impose a tariff. The higher the tariff, the faster they come."
Trump has repeatedly singled out Europe — Ireland, in particular — as a target for tariffs.
But recent reports suggest that if tariffs do come, Ireland and its US customers won't be completely caught off guard. Reuters reports that Ireland has been rushing to ship pharmaceuticals and medical products to the US ahead of tariffs, including by air.
Irish pharma exports to the US surged by more than 450% from the previous year in February from 1.9 billion euros to 10.5 billion euros, Ireland's Central Statistics Office said. Exports also spiked by 130% in January to 9.4 billion euros, suggesting US drugmakers may be stockpiling medicines.
Read more here.
Big Tech's size is its shield. A temporary tariff reprieve gave stocks a boost — for now. But other sectors may not be so lucky.
My Yahoo Finance colleague Hamza Shaban digs deeper into the winners, losers, and political spin behind the tariff drama.
Read more here
Nissan (7201.T) plans to reduce production in Japan of its best-selling US model, the Rogue SUV, between May and July, according to a source familiar with the matter. The move marks the latest adjustment by a global carmaker in response to new US import tariffs.
Reuters reports:
Read more here
Honda (HMC) may move some car production from Mexico and Canada to the US, with plans to manufacture 90% of vehicles sold in the country locally, the Nikkei reported Tuesday. The shift comes in response to new US auto tariffs.
Reuters reports:
Read more here
Chinese workers are bearing the brunt of an economic slowdown caused by the US-China trade war. The impact is being felt across the country as a weakened labour market was struck by the erratic tit-for-tat tariffs that erupted over the beginning of 2025.
Bloomberg reports:
Read more here.
Bloomberg News reports:
Read more here.
Yahoo Finance's Allie Canal writes:
Read more here.
Yahoo Finance's Jennifer Schonberger reports:
Read more here.
President Trump just made a variety of comments on tariffs during a media appearance. Some highlights:
When the US levies a tariff on an imported good, who pays the price: the manufacturer, the importer, or the consumer?
A new study published by the Federal Reserve Bank of Boston found that the consumer ultimately gets charged for the higher cost of importing.
Researchers working with Morning Consult asked small- and medium-size businesses about their expectations for tariffs at the end of 2024. They found that firms planned to pass along higher costs from tariffs to their customers by raising prices.
Importers said they expected the cost increases to be fully reflected in prices in about two years, but the extent of these price increases would vary under different tariff scenarios.
Capital Economics calculates the current effective tariff rate on US imports at 22% after some exemptions on tech products. Last week, the effective rate reached 27%, the highest level in over a century.
US President Donald Trump has announced a 90-day pause on proposed tariff hikes. But exporters remain wary, as a 10% flat levy could return if trade talks fall short. Here's a look at what could go missing from American shelves as businesses weigh the cost of additional tariffs and mull reducing their US exposure.
Bloomberg News reports:
Read more here
The world's top two economies appear to be on a long-term path toward decoupling, following a month marked by a sharp rise in China's exports and a trade surplus nearing $103 billion.
Bloomberg News reports:
Read more here