Tariff War: Treasury Secretary Scott Bessent addressed pressing concerns about supply chain shocks and progress on trade deals with key Asian allies. Amid declining Chinese cargo shipments, Bessent dismissed fears of disruptions, praising U.S. retailers’ preparation. He hinted at imminent trade announcements with India and ongoing negotiations with South Korea and Japan, emphasizing that election cycles abroad are accelerating—not delaying—talks. Bessent characterized India as an “easier” partner due to its transparent tariff regime. The conversation reflects rising urgency in reshaping global trade relationships amid shifting geopolitical currents.
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NewsTranscript
00:00Secretary, back on China, does the administration anticipate supply chain shocks or supply shocks coming now that cargo shipments from China are significantly down?
00:11And if so, are there being plans or are there plans in the process of how to address that?
00:17I wouldn't think that we would have supply chain shocks.
00:21And I think retailers, they have managed their inventory in front of this.
00:26You know, I speak to dozens of companies, sometimes daily, but definitely weekly.
00:32And they know that President Trump is committed to fair trade and have planned accordingly.
00:39And then second question, can you outline the timeline for when you think some of these deals, particularly with your Asian countries like India, Japan, South Korea, you may have an announcement?
00:49I'm glad you brought up our Asian trading partners and allies.
00:52They have been the most forthcoming in terms of doing the deals.
00:58As I mentioned, Vice President Vance was in India last week.
01:03I think that he and Modi made some very good progress.
01:07So I could see some announcements on India.
01:10I could see the contours of a deal with the Republic of Korea coming together.
01:15And then we've had substantial talks with the Japanese.
01:18Secretary Besson, just continuing on the path of the sort of, like, progress.
01:25You said last or yesterday, I think that it was, could happen as early as this week or possibly next week.
01:31Can you give us a bit of a timetable?
01:33And then I wanted to ask about South Korea specifically.
01:37They've said that they probably won't be able to make a comprehensive deal until early July because of their elections.
01:44Japan also has elections.
01:46And to what extent are domestic factors complicating your efforts?
01:51Canada just had an election.
01:53You know, are you seeing that you might have to think about delaying the 90 days?
01:57Well, I would actually take the opposite tack, that I think from our talks that these governments actually want to have the framework of a trade deal done before they go into elections to show that they have successfully negotiated with the United States.
02:14So we are finding that they are actually much more keen to come to the table, get this done, and then go home and campaign on it.
02:22Sean?
02:23I'm sorry, did you have a comment on whether something can happen this week or next week?
02:29For a deal.
02:30So, you know, you said yesterday.
02:32Again, I think that we are very close on India.
02:35And in India, just a little inside baseball, India in a funny way is easier to negotiate with than many other countries because they have very high tariffs and lots of tariffs.
02:48So it's much easier to confront the direct tariffs when, as we go through these unfair trade deals that have been put in over decades,
02:58that the non-tariff trade barriers can be much more insidious and also harder to detect.
03:05So a country like India, which has the posted and ready tariffs, it's much easier to negotiate with them.
03:13So, you know, I think the Indian negotiations are moving well.
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