Bessent reveals how Trump will decide reciprocal tariffs

President Trump’s reciprocal tariffs could go well beyond matching import taxes imposed on U.S. goods by other nations, Treasury Secretary Scott Bessent said Tuesday.

In an interview, Bessent said the Trump administration will consider policies including currency manipulation, industrial subsidies and labor conditions when calculating a country’s new tariff rate.

“We are going to go to them and say, ‘Look, here is where we think the tariff levels are,’ non-tariff barriers, currency manipulation, unfair funding, labor suppression, and if you will stop this, we will not put up the tariff wall,” Bessent told Fox Business Network’s Maria Bartiromo on “Mornings with Maria.”

If a country doesn’t change those policies, he continued, “then we will put up the tariff wall to protect our economy, protect our workers, and protect our industries.”

Trump has pledged for weeks to impose “reciprocal tariffs” on other countries in response to import taxes and other trade barriers placed on U.S. goods. The tariffs are set to be imposed April 2, though Trump has delayed and adjusted many of his recent import tax decisions.

The broader scope of policies targeted by Trump’s upcoming tariffs could give the president and administration more leverage over its trade partners, who could face challenges adjusting to Trump’s requests. It also gives Trump more leeway to adjust tariffs — or maintain them — regardless of what a country does to its own import tax rates.

Bessent said if countries don't "follow President Trump's lead" and reduce trade barriers, "then he will raise the tariff wall, and as he said in that video, we're going to take in substantial revenues,” referring to Trump’s comments in support of tariffs.

Bessent added that Trump’s previously imposed tariffs on Canada, Mexico, China, the European Union and foreign metals would be factored into each country’s reciprocal tariff rate.

Tariffs are taxes imposed on foreign goods that are paid by the person or business importing the product to their home country. In the U.S., tariffs are collected by U.S. Customs and Border Protection (CBP) from U.S.-based importers.