The United States has announced that it will implement reciprocal tariffs, which were previously enforced on April 2, according to comments from Treasury Secretary Scott Bessent.
The reciprocal tariffs are set to return for countries that the US is unable to agree on a trade deal with during the 90-day tariff pause.
Bessent said, according to a CNN call transcript: “There are 18 important trading partners, probably another 20 strong relationships. 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.”
Last week, President Donald Trump also announced that countries would be informed of their tariff rates within two to three weeks.
The increased tariffs have impacted supply chains globally and created financial headwinds for companies with external sources.
Recently, the US issued a 90-day reduction on the tariff rates for certain countries, including Vietnam, India, and Japan, providing a temporary relief to retailers.
Additionally, the US has also begun discussion towards a trade deal with the UK and lowered the tariff rates on China during a 90-day pause.
Retailers in the US have been facing the mounting pressure of tariffs, with retail giant Walmart warning customers of its price increases.
Meanwhile, Chinese fast fashion giants Shein and Temu have implemented price cuts after the decision to instate a pause on higher tariffs for Chinese goods was announced.
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