US Eyes Region-based Tariffs For Many Nations As Deadline Nears
FILE PHOTO: U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing entitled "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System," on Capitol Hill in Washington, D.C., U.S., May 7, 2025. REUTERS/Nathan Howard/File Photo
WASHINGTON, May 19 (Bernama-Kyodo) -- The United States (US) is likely to introduce region-based tariffs instead of coming up with individual duty rates for many countries, Treasury Secretary Scott Bessent said on Sunday, as time runs out to negotiate trade deals across the world.
According to Kyodo News Agency, Bessent said the administration of President Donald Trump is now aiming to strike deals with select key trading partners on its sweeping so-called reciprocal tariffs imposed in April.
While appearing on a CNN programme, the secretary said he expects to "do a lot of regional deals."
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"This is the rate for Central America, this is the rate for this part of Africa, but what we are focused on right now are the 18 important trading relationships," Bessent said, when asked about how many trade agreements the administration may be able to announce in the coming weeks.
Bessent's remarks came after Trump said on Friday that his administration will send letters to numerous countries over the next two to three weeks informing them how much they need to pay to do business in the United States.
Under the so-called reciprocal policy, Trump unleashed a baseline tariff of 10 per cent for almost all nations in the world and additional, higher country-specific duties for about 60 major trading partners that have trade surpluses with the United States.
Trump paused the country-specific tariffs for 90 days until early July to allow for negotiations, but his officials have struggled to make progress on so many deals in the time available.
Trump said Friday there are about 150 countries that want to negotiate deals with the United States, but he did not offer details, including which countries may receive such letters, at the time.
Countries such as India, Japan and South Korea are believed to be included in the 18 important trading partners as they have had talks with the Trump administration since the pause was set hours after its steep tariffs took effect on April 9.
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