WEBVTT - Treasury Secretary Scott Bessent Talks New Global Tariffs 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Just coming off that announcement from the President announcing a

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<v Speaker 2>baseline tariff around the United States as well as reciprocal

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<v Speaker 2>tariffs on certain trading partners. I'm joined by Treasury Secretary

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<v Speaker 2>Scott Bessett. Mister Bessett was Starcrati. Thank you so much

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<v Speaker 2>for joining Bloomberg TV. So we're going to have the

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<v Speaker 2>baseline tariffs come into effect perst first, then they're reciprocal

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<v Speaker 2>tariffs a little bit more of a different rate for

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<v Speaker 2>each individual trading partner. Are you preparing to negotiate with

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<v Speaker 2>some of these trading partners before that tariff freight comes

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<v Speaker 2>into effect on April ninth.

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<v Speaker 3>Well, I think there've been a lot of discussions, but

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<v Speaker 3>I think we're just going to have to wait and

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<v Speaker 3>see what would happen. What I would say and Marie

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<v Speaker 3>is I would advise none of the countries to panic.

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<v Speaker 3>I wouldn't try to retaliate, because as long as you

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<v Speaker 3>don't retaliate, this is the high end of the number,

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<v Speaker 3>and I think the market could have certainty that this

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<v Speaker 3>is the number barring retaliation. So we've got a ceiling

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<v Speaker 3>and then we can see if there's a different floor, So.

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<v Speaker 2>You sound like you're ready for a negotiation. A number

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<v Speaker 2>of these partners, has the European Union, has China? Has India?

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<v Speaker 2>Have these countries reached out?

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<v Speaker 3>Well, they've all reached out, But it's going to be

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<v Speaker 3>up to President Trump to see what he wants to do.

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<v Speaker 3>I think the mindset might be to let things settle

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<v Speaker 3>for a while. Their terrafts or non tariff barriers have

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<v Speaker 3>been on a long time, so we'll see where it

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<v Speaker 3>goes from here.

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<v Speaker 2>When it comes to China, they have a much higher

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<v Speaker 2>rate on this list. On top of that, there's still

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<v Speaker 2>that twenty percent fentanyl tariff rate. Is all of this

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<v Speaker 2>coming together to be more than a fifty percent tariff

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<v Speaker 2>rate for Beijing?

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<v Speaker 3>Well, yes, I think it is, and I think it's

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<v Speaker 3>a combination of things. And again that I think China

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<v Speaker 3>said today that solving the fentanyl crisis depends on taking

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<v Speaker 3>off the fentanyl arraffs, and I'm pretty sure that's not

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<v Speaker 3>the way the sequencing is.

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<v Speaker 1>Going to work.

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<v Speaker 3>They're exporting the precursor chemicals and every day, every week,

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<v Speaker 3>every month, Americans are dying and it's going to.

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<v Speaker 1>Have to stop.

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<v Speaker 2>When it comes to places like China. The President has

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<v Speaker 2>mentioned he's willing to even look at things like TikTok

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<v Speaker 2>to potentially do a negotiation. Then, when it comes to tariffs,

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<v Speaker 2>I'm sure you're looking at things like the Yuwan. What's

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<v Speaker 2>on the table when it comes to this trade realignment

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<v Speaker 2>between Beijing and.

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<v Speaker 3>Washington, Well, we haven't started anything yet. We've been busy

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<v Speaker 3>with the tariffs. I've been busy, as we talked about earlier,

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<v Speaker 3>the tax bills going very well.

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<v Speaker 1>So I think that.

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<v Speaker 3>We will move toward the bilateral relationship with China now

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<v Speaker 3>that we've done the multilateral tariffs.

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<v Speaker 2>Plans for conversations or a trip to Beijing. Nothing eminent

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<v Speaker 2>when it comes to this negotiation. April ninth, these tariffs

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<v Speaker 2>come in place. Do you plan on having negotiations before

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<v Speaker 2>that date?

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<v Speaker 3>Again, I'm not part of the negotiation, so we'll see.

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<v Speaker 3>I am sure that they're going to be a lot

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<v Speaker 3>of calls. I just don't know if they're going to

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<v Speaker 3>be negotiations.

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<v Speaker 2>The President had this huge chart showing all of the

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<v Speaker 2>different rates. Canada and Mexico notably missing on that chart.

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<v Speaker 1>Why is that? I'm not sure that sure?

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<v Speaker 2>Okay, I imagine that has to do potentially because they're

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<v Speaker 2>ready in negotiations previously with the twenty five percent. I'm

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<v Speaker 2>not sure if you saw the initial market reaction. I haven't,

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<v Speaker 2>so equity futures slid on the news. You had talked

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<v Speaker 2>about how we're in a detox period. Do you feel

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<v Speaker 2>that we're still in that period or are you starting

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<v Speaker 2>to get a little bit concerned.

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<v Speaker 3>Well, the detox period has nothing to do with the terrorists.

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<v Speaker 3>The detox period is off this incredible level of government

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<v Speaker 3>spending that we've had an unsustainable amount of fiscal stimulus

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<v Speaker 3>and looks that's got to stop.

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<v Speaker 1>That's got to stop.

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<v Speaker 3>So, yeah, can we continue weaning ourselves off of that?

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<v Speaker 3>And as we see private or public sector borrowing go down,

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<v Speaker 3>private sector borrowing go up, public sector jobs come down,

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<v Speaker 3>private sector jobs go up? Is it going to be

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<v Speaker 3>perfectly symmetrical? Note, but we did see an increase of

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<v Speaker 3>ten thousand manufacturing jobs last month, So it.

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<v Speaker 2>Doesn't concern you today that during the tariff announcement, equity

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<v Speaker 2>futures sold off when initially they were rallying when the

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<v Speaker 2>President only announced a ten percent tariff base, and then

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<v Speaker 2>they fell when he announced the higher rates for things

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<v Speaker 2>like the European Union in China.

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<v Speaker 3>Yeah, and Marie, I've learned not to look what goes

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<v Speaker 3>on in after hours markets.

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<v Speaker 2>Okay, but since the peaks in February, stocks are down

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<v Speaker 2>eight percent. I think the NASDAC from it's high most

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<v Speaker 2>recently is down twelve percent so far. Though these kind

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<v Speaker 2>of this kind of market downdraft so far this year

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<v Speaker 2>is not concerning you.

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<v Speaker 3>Well, look in my old business, I was very concerned

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<v Speaker 3>about market movements, and I'm trying to be Secretary of Treasury,

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<v Speaker 3>not a market commentator. What I would point out is

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<v Speaker 3>that especially the NA NASDEK peaked on deep Seak day.

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<v Speaker 3>So that's a mag seven problem, not a MAGA problem.

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<v Speaker 2>Okay, So let's talk about what else you've been spending

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<v Speaker 2>a lot of your time doing. You have been up

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<v Speaker 2>on Capitol Hill constantly. You are really working on trying

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<v Speaker 2>to make sure that this administration can extend the Tax

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<v Speaker 2>cuts and Jobs Act on top of that more tax cuts.

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<v Speaker 2>Right now, How are the conversations going in Congress?

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<v Speaker 3>Well, I actually think the most underreported story in Washington,

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<v Speaker 3>not by Bloomberg of course, is the incredible union enemy

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<v Speaker 3>unity amongst Republicans. And I think it's President Trump's leadership.

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<v Speaker 3>But Mike Johnson, with a very narrow margin, issued the

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<v Speaker 3>reconciliation instructions and then he also passed a clean continuing resolution.

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<v Speaker 3>On the Senate side, they are variant, attentive, and I

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<v Speaker 3>think they may have something done by this Saturday.

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<v Speaker 2>This Saturday, Okay, that's the start of it, though, that's

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<v Speaker 2>the start. You recently talked about how you think it's

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<v Speaker 2>not just going to be tax on tips that gets

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<v Speaker 2>no tax on tips that gets added to this bill.

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<v Speaker 2>You think reconciliation can include a plethora of what the

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<v Speaker 2>President has talked about, no tax on tips, no tax

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<v Speaker 2>on Social Security. Also recently talking about rebates if you

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<v Speaker 2>buy an American car, how do you get all of

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<v Speaker 2>this done?

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<v Speaker 3>Deductibility of interest if you buy an American car, which

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<v Speaker 3>I'm older than you are, but when I bought my

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<v Speaker 3>first car, the interest was deductible, but now it's got

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<v Speaker 3>to be only on American cars.

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<v Speaker 2>So how do you do all this at the same

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<v Speaker 2>time that market participants, budget fiscal hawks, budget hawks in

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<v Speaker 2>Congress are concerned about the deficit. How are you going

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<v Speaker 2>to have this big reconciliation package?

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<v Speaker 3>Well, I think as we've seen there's a lot of

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<v Speaker 3>room to cut spending. So I think again where Republicans

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<v Speaker 3>have incredible unity is on the spending cuts as we're seeing.

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<v Speaker 2>So when it comes to the timeline of all of this,

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<v Speaker 2>I do notice that now reconciliation, it seems to be

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<v Speaker 2>an agreement between the House and the Senate that they're

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<v Speaker 2>willing to consider about raising the debt ceiling. So do

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<v Speaker 2>you plan on getting this bill done before the X state,

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<v Speaker 2>which the CBO is saying could be the middle of

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<v Speaker 2>the summer or September.

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<v Speaker 3>Well, and Marie, I think you just answered the question

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<v Speaker 3>for yourself, because if debt ceiling is solved via reconciliation,

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<v Speaker 3>then it has to be done before we hit the

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<v Speaker 3>X state, and we're going to go onto the warning

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<v Speaker 3>track sometime in May or June.

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<v Speaker 2>So that's when you plan to get this tax bill done.

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<v Speaker 1>That's a goal.

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<v Speaker 2>So if we could put all both these stories together. Today,

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<v Speaker 2>the Presidence comes out with tariffs you're working on the

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<v Speaker 2>tax plan. He talks about tariffs being revenue raisers to

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<v Speaker 2>offset the tax bill you're working on. At the same time,

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<v Speaker 2>you and the President also talk about a negotiation you're

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<v Speaker 2>willing to do to get recied Prossy becomes to other

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<v Speaker 2>trading partners. How can it be both revenue raising and

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<v Speaker 2>a negotiation.

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<v Speaker 3>Well, to the extent that the tariffs are higher than

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<v Speaker 3>what we had, it will raise revenues. And you know,

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<v Speaker 3>as far as the negotiations will see and I could

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<v Speaker 3>tell you though, it's not going to be possible to

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<v Speaker 3>include the terriffs in the CBO scoring, So that will

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<v Speaker 3>be something running in the background. And as the President said,

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<v Speaker 3>we've taken in several hundred billion dollars on the China tariffs,

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<v Speaker 3>but those those don't get scored.

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<v Speaker 2>Do you feel that you need to have enough revenue

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<v Speaker 2>raised from these arffs before this reconciliation package comes to

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<v Speaker 2>play in Congress?

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<v Speaker 3>Well, I don't think we have to have the revenue raise.

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<v Speaker 3>And look, you know we're doing two things. Tariffs are

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<v Speaker 3>going to raise revenues and then we're also the stamping

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<v Speaker 3>out waste for an abuse in the government and bringing

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<v Speaker 3>down the expenses and spending. And we're not going to

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<v Speaker 3>get credit for either of those with the CBO scoring.

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<v Speaker 3>So when your audience, when American people see these CBO scores,

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<v Speaker 3>there could be the large but there is a substantial

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<v Speaker 3>amount of tariff income, there's a substantial amount of savings.

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<v Speaker 2>While all this is happening, consumer sentiment has definitely taken

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<v Speaker 2>a bit of a dive. Expectations for inflation have gone up.

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<v Speaker 2>Banks like Goldman are cutting their GDP forecast saying potentially

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<v Speaker 2>the Fed is going to have to cut rates, not

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<v Speaker 2>the good kind of cuts, the kind of cuts because

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<v Speaker 2>they're nervous about growth. How concerned are you that the

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<v Speaker 2>timing of all this is going to be incredibly challenging

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<v Speaker 2>because of how the American consumer, how corporate America is

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<v Speaker 2>feeling at this moment.

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<v Speaker 1>Well, it tells me a couple of things.

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<v Speaker 3>One, we got to get the tax build done quickly,

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<v Speaker 3>so because that's a componence builder. And two, we're seeing

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<v Speaker 3>ciniment surveys from the American people, but we haven't actually

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<v Speaker 3>seen them take action.

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<v Speaker 1>If the households actually thought that.

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<v Speaker 3>There were going to be employee if their real inflation

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<v Speaker 3>expectations had increased, what would they be doing. They'd be

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<v Speaker 3>hoarding goods and they would be demanding wage increases, and

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<v Speaker 3>neither one of those has happened yet.

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<v Speaker 2>So at the moment, you're not concerned about some of

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<v Speaker 2>the soft data we're seeing.

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<v Speaker 1>No, I see nothing.

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<v Speaker 3>And one of the great things, many great things about

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<v Speaker 3>being a Treasury is we have lots of business people

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<v Speaker 3>come through and everything we're seeing in the economy is

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<v Speaker 3>still very.

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<v Speaker 2>Solid, and executives haven't voiced any of these concerns onto you.

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<v Speaker 3>No, there's some idiosyncratic things, but in terms of the

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<v Speaker 3>expectations actually turning into hard data, none of them.

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<v Speaker 1>Messina jet.

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<v Speaker 2>Now that you're working on the tax bill, and of

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<v Speaker 2>course tariffs at the moment are out of the way.

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<v Speaker 2>What else is on the agenda for you for the rest.

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<v Speaker 1>Of the year.

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<v Speaker 3>Well, that we have the Ukraine deal that's coming up.

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<v Speaker 3>We've gone to maximum pressure on Iran. A big part

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<v Speaker 3>of Treasury is national security, and then we are doing

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<v Speaker 3>a big push on deregulating in a smart, safe and

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<v Speaker 3>sound way the regulated financial institutions, which is going to

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<v Speaker 3>allow for the private sector, not the government sector, to grow.

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<v Speaker 2>When it comes to international where are you with a

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<v Speaker 2>Ukraine and the mineral deal.

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<v Speaker 1>I believe we.

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<v Speaker 3>May have a team from Ukraine coming over as soon

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<v Speaker 3>as the end of this week or the beginning of

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<v Speaker 3>next week. Ukrainians have I believe that they've hired council,

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<v Speaker 3>And what we did was after the incident in the

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<v Speaker 3>White House on I believe it was February twenty eighth,

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<v Speaker 3>we're going to sign a four page deal that with

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<v Speaker 3>parameters of understanding, and at Treasury we took the opportunity

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<v Speaker 3>to move forward to.

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<v Speaker 1>The big deal.

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<v Speaker 3>So this is the exact same deal that would have

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<v Speaker 3>resulted from the four page signature signature deal.

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<v Speaker 1>So we've just fast forwarded.

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<v Speaker 3>And we didn't want to lose any time because we

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<v Speaker 3>believe this deal is so important for the American people,

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<v Speaker 3>for the Ukrainian people, and for the peace process.

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<v Speaker 2>So it sounds like in the next two weeks you're

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<v Speaker 2>going to have this deal over the finish line.

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<v Speaker 1>It's ready on our side.

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<v Speaker 2>When it comes to Iran, since you mentioned that, and

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<v Speaker 2>I know you're going to be focused a lot on

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<v Speaker 2>international aspects now the tariffs are done and you have

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<v Speaker 2>the tax deals underway. When it comes to Iran, do

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<v Speaker 2>you think we could see secondary tariff secondary sanctions, Well.

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<v Speaker 3>We've already seen sanctions. For the first time. US Treasury

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<v Speaker 3>sanctioned a so called teapot refinery, which is a private

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<v Speaker 3>sector refinery in China and they are the buyers of

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<v Speaker 3>the Iranian oil and we could see more of that. Wow.

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<v Speaker 2>Interesting Church of Secretary Scotts Bessett. You've been very generous

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<v Speaker 2>at your time today. We really appreciate it here at

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<v Speaker 2>Bloomberg TV. Thank you so much. Good to see you.