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Treasury Secretary Scott Bessent has indicated that roughly 70 countries have reached out to the US seeking to negotiate new trade terms, with some major announcements expected to come soon.
Some shit you should know before you read: If you’re unaware, the US recently imposed tariffs on nearly all foreign imports, with baseline rates set at 10% and much steeper, country-specific increases—such as a potential 104% total tariff on Chinese goods. President Trump has defended the move as necessary to correct long-standing trade imbalances and to crack down on unfair practices like currency manipulation and export subsidies. The initial reaction from global markets was volatile, with US stocks plunging in a multi-day sell-off before rebounding slightly amid hopes of negotiated deals. While some countries, including Japan and Vietnam, have signaled a willingness to negotiate quickly, others, like China, have responded aggressively, escalating a tit-for-tat tariff war that has further strained relations. Some have speculated that Trump’s broader strategy is to slow China’s growth, undermine its manufacturing dominance, and trigger a realignment in global supply chains that favors domestic US production.
What’s going on now: Speaking to various news outlets over the last few days, Treasury Secretary Scott Bessent said that “roughly 70 countries” have already reached out to the US seeking to negotiate new trade terms. He said, “I’ve seen the call list at the White House, and it’s substantial. We were having a discussion last night about which countries to prioritize.” He noted that the administration is now in a position of maximum leverage, calling this a “critical moment” for the US to reset long-standing trade relationships.
One country in particular, Japan, has moved quickly, sending officials to Washington this week to open talks following the imposition of a 24% tariff on Japanese goods and a 25% levy on auto imports—both significant hits to Japan’s export-heavy economy. “Japan is going to get priority,” Bessent said during an appearance on Kudlow, citing both the country’s swift response and its strategic importance as a key US ally.
He also noted that President Trump will be “personally involved” in the negotiations with Japan, underscoring the administration’s hands-on approach to brokering new deals.
Throughout his media appearances, Bessent portrayed Trump’s aggressive tariff rollout as a calculated move to pressure foreign governments into eliminating not just tariffs, but also non-tariff barriers, subsidies, and currency manipulation. He described the months ahead—April, May, and possibly June—as an intensive negotiation window, adding, “It’s going to be a busy time.”
This comes as the stock market continues to slowly rebound from notable dips over the last five days. As of the time of this article going up, the Dow Jones was up roughly 450 points.
