Fierce Tariff Battles: Treasury Secretary Bessent Warns of Looming Trade Policy Shifts

Scott Bessent, the current US Secretary of the Treasury, has dominated headlines over the past several days amid a flurry of new trade policy maneuvers and mounting global tensions. Early this week, Bessent warned that countries that do not finalize trade agreements with the United States will soon revert to pre-negotiation tariff rates, referencing the expiration of a 90-day pause on most tariffs initially announced in the spring by President Trump. According to an interview on CNN, letters outlining new import tax rates are set to be delivered to multiple trading partners, with Bessent arguing that these escalating tariffs are not a new deadline but a return to original policy unless other nations accelerate the pace of negotiations.

Despite only clinching two preliminary deals so far—with the United Kingdom and Vietnam—Bessent indicated more agreements are imminent, suggesting that countries will act quickly to avoid the reimposed tariffs. President Trump reinforced Bessent’s stance via his social media platform, clarifying that any nation aligning itself with the BRICS bloc’s anti-American trade policies will face an additional ten percent tariff, with no exceptions.

The Trump administration’s approach has drawn criticism from both international leaders and former US officials. This past week, Scott Bessent publicly dismissed joint strategies being discussed by BRICS nations, describing their efforts as performative and reiterating that access to the US market remains highly sought after. However, this rhetoric was met with strong objections. Former US diplomat Evan Feigenbaum labeled the administration’s attitude "strategic arrogance," suggesting that overreliance on US leverage risks damaging trust and future cooperation with key partners.

Domestically, Bessent has also been thrust into the spotlight for his involvement in federal leadership changes. Following the abrupt removal of Billy Long as IRS commissioner, Bessent was tapped to serve as acting commissioner according to administration officials, marking another expansion of his influence in federal economic policy decisions.

Meanwhile, the Treasury Secretary has become a central figure in the ongoing search for a new Federal Reserve chair. Sources cited by Reuters and the Wall Street Journal confirm Bessent is leading a wide-ranging search, with a list of candidates that includes former Fed officials and economic consultants, some of whom support the administration’s call for lower interest rates. This comes as the administration pushes forward with economic policies that independent economists warn could create more headwinds than benefits, especially as tariffs are forecasted to raise at least three hundred billion dollars in government revenue this year—a burden Treasury Secretary Bessent has explicitly admitted will be borne by Americans.

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