Washington (AFP) – US Treasury Secretary Scott Bessent said Monday he was not concerned “at present” about American stores potentially running out of items due to President Donald Trump’s tariffs. The US president has introduced a 10 percent baseline tariff against most nations, and a far higher levy totaling 145 percent on goods coming from China. The White House also introduced several sector-specific tariffs of 25 percent and has threatened to reimpose higher measures on dozens of trading partners if they do not reach a deal to lower trade barriers with the United States.
Asked during an interview with “Fox and Friends” if he was concerned about reports of empty shelves due to the tariffs, Bessent replied: “Not at present.” “We have some great retailers,” he said during the Fox News interview. “I assume they pre-ordered.” “I think we’ll see some elasticities. I think we’ll see replacements, and then we will see how quickly the Chinese want to de-escalate.”
Most countries chose not to respond to the Trump administration’s new tariffs, with the exception of China, which hit back with its own targeted measures against US goods. Beijing has announced reciprocal tariffs of up to 15 percent against US agriculture goods like soybeans, corn, and beef, and an additional minimum 125 percent sweeping tariff on all US imports.
“I think it’s unsustainable from the Chinese side, so maybe they’ll call me one day,” Bessent said. “In the history of trade negotiations or trade slowdowns, it is the surplus country that always loses the most,” he added.
© 2024 AFP
