Scott Bessent, the U.S. Secretary of the Treasury, said on the 3rd (local time) that he would apply the existing tariff rate of 10% to countries that do not reach a trade agreement with the United States ahead of the end of the reciprocal tariff exemption on the 8th.

Scott Bessent, U.S. Secretary of the Treasury /Courtesy of Reuters=Yonhap News

During an interview with Bloomberg TV, Secretary Bessent noted that "about 100 countries will be subject to the minimum reciprocal tariff of 10%." This is the lowest level among the reciprocal tariff rates announced in April, equal to the basic tariff.

On April 2nd, the United States set the final reciprocal tariff rate, adding a tariff rate that varies by country to the basic tariff of 10% for 57 economic entities (56 countries + European Union) including Korea. Korea has a total tariff of 25%, consisting of a basic tariff of 10% and an additional 15% in country-specific differential tariffs.

Secretary Bessent's remarks suggest that about half of the United States' approximately 200 trading partners will only face the basic 10% tariff, while higher reciprocal tariff rates may be applicable to the remaining countries.

In an interview with CNBC, he remarked, "Of course, all countries wait until the last moment, believing they can reach the best agreement," and added, "These countries need to be cautious because the reciprocal tariff rates could revert to the figures set on April 2nd."

Secretary Bessent emphasized that whether countries engage in negotiations in good faith is a matter for President Trump to judge. He also stated regarding the extension of the exemption, "I will not publicly tell them that I will extend the deadline by 10% at the point they need to pass the finish line (an agreement with the United States)."

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