US Treasury Secretary Scott Bessent said on Tuesday that “everything is on the table” as countries seek to negotiate the tariffs imposed by President Donald Trump, foreign media reported. Speaking to CNBC, Bessent revealed that around 70 countries have reached out to the White House to begin discussions on rolling back these tariffs.
President Trump, Bessent said, will be personally involved in the ongoing negotiations. The US is exploring a range of issues, not just tariffs, but also non-tariff barriers like currency manipulation and Europe’s value-added tax, as well as the overall tariff levels, he explained.
“Everything is on the table,” Bessent reportedly said, while also noting that academic research shows that non-tariff barriers are not only more difficult to quantify but can be “more insidious because they’re hidden, they’re obfuscated.”
Speaking on the trade dispute with China, Bessent insisted that the US holds a substantial advantage. He told CNBC’s Squawk Box, “I think it was a big mistake, this Chinese escalation, because they’re playing with a pair of twos. What do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us, so that is a losing hand for them.”
Discussing the tariff strategy, Bessent compared the US tariffs to an ‘ice cube,’ explaining that over time, they would “melt” as companies move production back to America. “If we put up a tariff wall, the ultimate goal would be to bring jobs back to the U.S. But in the meantime, we will be collecting substantial tariffs,” he told CNBC.
“If we’re successful, tariffs would be a melting ice cube, in a way, because you’re taking in the revenues as the manufacturing facilities are built in the U.S., and there should be some level of symmetry between the taxes we begin taking in with the new industry from the payroll taxes as the tariffs decline.”
Hopes for a breakthrough in trade talks are rising, with reports suggesting that Japan is stepping up to the forefront of countries seeking to roll back President Trump’s reciprocal tariffs. Expressing optimism about the potential for countries with significant trade deficits to come forward quickly, Bessent reportedly said, “If they come to the table with solid proposals, I think we can end up with some good deals.”
Bessent and US Trade Representative Jamieson Greer are expected to hold talks with Japanese officials over the 24% tariff imposed on Japan under Trump’s trade policies.
