Empty shelves? US Treasury secretary not concerned 'at present' / Photo: © AFP
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Empty shelves? US Treasury secretary not concerned 'at present'
US Treasury Secretary Scott Bessent said Monday he was not concerned "at present" about American stores potentially running out of items due to Donald Trump's tariffs.
The US president has introduced a 10 percent baseline tariff against most nations, and a far higher levy totalling 145 percent on goods coming from China.
The White House also introduced several sector-specific tariffs of 25 percent that stack on top of other duties, and has threatened to reimpose higher measures on dozens of trading partners if they do not reach a deal to lower trade barriers with the United States.
Asked during an interview with Fox News if he was concerned about mounting worries of empty shelves due to the tariffs, Bessent replied: "Not at present."
"We have some great retailers," he said. "I assume they pre-ordered."
"I think we'll see some elasticities. I think we'll see replacements, and then we will see how quickly the Chinese want to de-escalate."
Most countries chose not to respond to the Trump administration's new tariffs, with the exception of China, which hit back with targeted measures against US goods.
"I think it's unsustainable from the Chinese side, so maybe they'll call me one day," Bessent said.
"In the history of trade negotiations or trade slowdowns, it is the surplus country that always loses the most," he added.
D.Bachmann--VB