Treasury Secretary Scott Bessent cautioned on Sunday that tariff rates could return to “reciprocal” levels if countries fail to reach trade agreements with the U.S. during the current 90-day pause.
“President Trump has made it clear: if negotiations aren’t conducted in good faith, tariffs will revert to their April 2 levels,” Bessent told CNN, referring to the 18 key trade partners the U.S. is focusing on.
Downplaying concerns about inflation, Treasury Secretary Scott Bessent referred to Walmart’s (WMT) warning about price increases as a “worst case scenario” after speaking with CEO Doug McMillon. His comments followed President Trump’s sharp criticism of the retailer on Saturday, urging the company to absorb the tariffs instead of passing costs onto consumers.
“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” Trump wrote on Truth Social. “Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”
On Thursday, Walmart warned that the added costs from tariffs could begin pushing prices higher as soon as this month. The company also declined to issue profit guidance, citing the uncertainty caused by Trump’s trade measures.
On Friday, President Trump announced that the U.S. will determine new tariff rates for its trading partners in the coming weeks, noting that the administration lacks the capacity to negotiate with all countries simultaneously.
“I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us,” Trump said during a meeting with business leaders in the United Arab Emirates.
Fresh from his Middle East visit, Trump also resumed his criticism of Federal Reserve Chairman Jerome Powell on Saturday.
President Trump urged the Federal Reserve to cut interest rates “sooner, rather than later,” reiterating his ongoing frustration with Fed Chair Jerome Powell.
“Too Late Powell, a man legendary for being Too Late, will probably blow it again — But who knows???” Trump wrote, continuing his sharp critique.
Here are the latest updates as the administration’s trade and monetary policies ripple across global markets.