Treasury Secretary Scott Bessent says Trump’s reciprocal tariffs will focus on ‘dirty 15’

Source Cryptopolitan

Treasury Secretary Scott Bessent confirmed Tuesday that the Trump administration will impose reciprocal tariffs on trading partners that maintain high trade barriers against the United States.

The plan, which will be formally announced on April 2, targets a group of countries identified as the “dirty 15”, which Scott said make up 15% of U.S. trade volume but maintain significant tariffs and non-tariff barriers against American exports.

“What’s going to happen on April 2: Each country will receive a number that we believe represents their tariffs” in place against the U.S., Scott said Tuesday during an interview with Maria Bartiromo on Fox Business. “For some countries, it could be quite low. For some countries, it could be quite high.”

Trump administration to calculate and impose tariffs based on foreign restrictions

President Donald Trump has called this move “the big one”, describing it as a complete rebalancing of U.S. trade policy. Unlike previous tariff actions, this initiative won’t just focus on matching foreign tariffs on American goods. It will also include factors such as domestic value-added taxes, local content production requirements, and regulatory testing mandates that make it more expensive for U.S. companies to sell their products in foreign markets.

“There’s what we would call kind of the ‘dirty 15,’ and they have substantial tariffs,” Scott said. “They make up a huge amount of our trading volume.” He did not name the 15 nations but emphasized that they would be assigned tariff rates reflecting the barriers they impose on U.S. goods.

Despite the planned tariffs, Scott suggested that some duties might not go into effect immediately. “Some of the tariffs may not have to go on because a deal is pre-negotiated,” he said. “Some countries, after receiving their reciprocal tariff number, will come to us and want to negotiate it down.”

No exemptions, no exceptions: U.S. trading partners face full retaliation

The Trump administration has made it clear that no carve-outs will be allowed for any country. “I wouldn’t expect any carve-outs,” Scott told Bloomberg News on Tuesday. “Reciprocal means reciprocal. If you’re doing it to us, we’re going to do it to you. So stop doing it to us.”

The impact of these tariffs has raised concerns among economists, who warn that trade uncertainty could trigger a slowdown in economic growth, though Scott dismissed speculation about a potential recession, saying there was no reason for the U.S. to experience an economic downturn.

“I can’t guarantee anything,” he said. “But what I can guarantee you is there is no reason we need to have a recession. We’re seeing some very good underlying data.” He pointed to credit card transactions and bank performance as indicators that consumer spending remains strong.

He acknowledged that the U.S. economy may experience a brief pause as it transitions away from relying on government spending. “We’re going to get this spending under control, we’re going to bring manufacturing back home, and we’re going to make the country more affordable for working Americans,” Scott said.

Trump’s trade team prepares for major tariff rollout on April 2

Jamieson Greer, the U.S. Trade Representative (USTR), is overseeing the April 2 rollout of the new reciprocal tariffs. Greer, who was confirmed to his role in February, is working to structure the tariff announcement after a chaotic few months in which Peter Navarro and Commerce Secretary Howard Lutnick handled most of the trade messaging.

The April 2 tariffs will apply to automobiles, semiconductors, pharmaceuticals, and other key industries. Trump confirmed that both reciprocal and sectoral tariffs will be included in the announcement.

“It will be a liberating day for our country,” Trump told reporters on Sunday night.

Unlike previous tariff actions, which were imposed without industry consultation, the USTR has reinstated a public comment process. This allows businesses and trade groups to submit feedback before the tariffs take effect. Greer is reviewing these requests before finalizing the tariff rates.

The Trump administration is also preparing for legal challenges. Trade lawyers have warned that Trump’s use of the International Emergency Economic Powers Act (IEEPA)—which was used to justify tariffs on China and North America—could face court challenges if applied to reciprocal tariffs. The law requires a national emergency, and some experts argue that trade imbalances don’t qualify.

Despite these risks, Trump remains committed to the April 2 deadline. The IEEPA gives the White House a fast-track mechanism to implement tariffs without congressional approval. Scott and other Trump officials met on Friday to discuss the legal and economic implications.

The tariff formula is still being finalized, but officials say it will assign a single rate for each country based on its average tariff level and non-tariff restrictions. However, Trump retains the power to adjust rates based on whether a country cooperates or resists negotiations.

Uncertainty remains as businesses and foreign governments await details

While the Trump administration is determined to move forward, some aspects of the tariff rollout remain unclear. Some USTR and Commerce Department officials have suggested that certain tariffs may not take effect immediately, with some cases requiring further investigations before being imposed.

The White House sees April 2 as a critical reset for U.S. trade policy. Some officials hope it will allow the administration to refocus on bigger challenges, such as trade relations with China.

Trump, however, has shown no signs of backing down, even as business groups and foreign governments voice concerns. He has frequently announced new tariffs through social media and press conferences, sometimes reversing previous plans based on public and political reaction.

Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold sinks as risk appetite improves on Trump-Powell calm, China tariff relief hopesGold prices plunged more than 2.50% on Wednesday as risk appetite improved due to a possible de-escalation of US-China tensions and US President Donald Trump's statement that he doesn’t plan to fire Federal Reserve (Fed) Chair Jerome Powell.
Author  FXStreet
Yesterday 01: 32
Gold prices plunged more than 2.50% on Wednesday as risk appetite improved due to a possible de-escalation of US-China tensions and US President Donald Trump's statement that he doesn’t plan to fire Federal Reserve (Fed) Chair Jerome Powell.
placeholder
Bitcoin Price Stabilizes After Surge — Is It Gearing Up for Another Leg Up?Bitcoin price is moving higher above the $93,200 zone. BTC is consolidating gains and might continue higher above the $94,000 zone in the near term.
Author  NewsBTC
Yesterday 03: 22
Bitcoin price is moving higher above the $93,200 zone. BTC is consolidating gains and might continue higher above the $94,000 zone in the near term.
placeholder
Gold price bulls could regain control amid fading US-China trade deal optimismGold price (XAU/USD) attracts fresh buyers during the Asian session on Thursday, reversing the previous day's heavy losses and snapping a two-day losing streak to the $3,260 area or the weekly low.
Author  FXStreet
22 hours ago
Gold price (XAU/USD) attracts fresh buyers during the Asian session on Thursday, reversing the previous day's heavy losses and snapping a two-day losing streak to the $3,260 area or the weekly low.
placeholder
Forex Today: Easing geopolitical tensions support USD ahead of mid-tier dataThe US Dollar (USD) stays resilient against its peers early Thursday after posting gains for two consecutive days.
Author  FXStreet
20 hours ago
The US Dollar (USD) stays resilient against its peers early Thursday after posting gains for two consecutive days.
placeholder
Gold price snaps selling off after fresh Trump comments on tariffsGold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.
Author  FXStreet
18 hours ago
Gold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.
goTop
quote