photo of Treasury Secretary Scott Bessent
the staff of the Ridgewood blog
Washington, D.C. President Donald Trump announced Tuesday that nations around the world are hurrying to Washington to negotiate “highly tailored” trade deals with the United States, as the administration ramps up efforts to rebalance global trade through new tariffs and reciprocal trade policies.
Speaking at the White House during a press conference broadcast live by Newsmax, Trump outlined the progress of his administration’s new economic strategy, which includes a sweeping executive order to boost coal production and implement new import tariffs.
“We’re taking in almost $2 billion a day in tariffs,” Trump said. “These are not off-the-rack deals — they’re tailored, highly tailored deals.”
The US is set to impose 104% tariffs on Chinese goods today, following through on President Donald Trump’s trade threats. The escalation comes after China retaliated against the US with a 34% tariff on American products, which was a response to Trump’s 34% tariff on all imported Chinese goods atop an existing 20% tariff.
Last year, bilateral trade between China and the US reached $585B, with a $295B US deficit. Analysts warn prolonged tensions could disrupt global supply chains, inflate prices, and destabilize roughly 43% of global GDP represented by both economies.
✈️ Japan, South Korea, and 70+ Nations Seeking Trade Talks
Trump emphasized that major trade partners, including Japan and South Korea, are flying to Washington to begin deal-making under the new tariff framework. He credited the shift in global posture to the leverage the U.S. has regained under his leadership.
“If I told them two, three, five years ago to come to the table, they would have laughed. Now, they’re all signing up,” Trump said.
According to Treasury Secretary Scott Bessent, nearly 70 countries have approached the administration to renegotiate existing trade agreements, citing the urgent need to avoid steep tariff increases and secure better access to U.S. markets.
📊 New Tariffs Include 10% Baseline and Reciprocal Measures
Last week, the Trump administration unveiled a new tariff framework, which includes:
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A baseline 10% tariff on imports
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“Individualized reciprocal higher” tariffs for countries with unfair trade practices
Bessent explained that these tariffs were announced on April 2, giving foreign governments a few days to respond with offers aimed at reducing their own tariffs, eliminating non-tariff barriers, and ceasing currency manipulation or subsidized financing.
“President Trump is better than anyone at giving himself maximum leverage,” Bessent told Larry Kudlow on Fox Business. “We advised foreign officials to keep calm and come forward with serious proposals.”
🤝 Japan Prioritized in Trade Negotiations
President Trump reportedly spoke with Japanese Prime Minister Shigeru Ishiba earlier in the day, signaling that Japan may receive priority in upcoming negotiations due to its swift response and long-standing military and economic ties with the U.S.
Both Scott Bessent and U.S. Trade Representative Jameson Greer have been tapped to lead the negotiation efforts, with Trump himself planning to be directly involved.
“It’s going to be a busy April, May, maybe into June,” Bessent said. “We expect Japan to be at the top of the list.”
📉 Tackling Non-Tariff Barriers and Trade Deficits
Bessent also addressed criticisms of the administration’s reciprocal tariff policy, stating that traditional tariffs are only part of the issue. According to economic studies, non-tariff barriers — such as regulatory restrictions, quotas, and market manipulation — have created significant disadvantages for U.S. exporters.
“It’s not just about tariffs,” Bessent explained. “The real problem is access — fair, open, reciprocal access to global markets.”
💬 Can a Japan Trade Deal Be Finalized Soon?
When asked whether a deal with Japan could be completed in the next few weeks, Bessent remained optimistic but firm.
“We’re at maximum tariff levels. If other countries refrain from retaliating and come to the table with good faith, we’ll work to bring those levels down. But it’s going to be tough. President Trump is personally involved, and he believes we’ve been playing on an unfair field for far too long.”
📸 Key Moments from the White House Press Event
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President Trump held up a “Reciprocal Tariff Chart” during his speech in the White House Rose Garden
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Bessent briefly addressed reporters after a live interview on the White House lawn, mentioning ongoing concerns about a potential government shutdown
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The executive order signed during the event is expected to significantly expand coal production and reduce regulatory burdens on domestic energy industries
📌 Final Thoughts
As President Trump’s “Make America Wealthy Again” trade agenda gains momentum, nations across the globe are rethinking their trade relationships with the United States. With nearly 70 countries seeking customized deals and tariff negotiations intensifying, the coming months could mark a major shift in international commerce and U.S. economic policy.
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