US Treasury: "Tariffs Will Increase If Unfairness Persists... Will Decrease If Corrected"

Fox News Interview
Report Including Currency Manipulation to Be Submitted by April 1
No Clear Answer on Application of the 1930 Tariff Act

The United States plans to adjust tariff rates depending on the attitude of its trading partners regarding the reciprocal tariffs scheduled for April. It also intends to consider factors such as currency manipulation and lawsuits against American big tech companies as criteria for imposing tariffs.

On the 23rd (local time), U.S. Treasury Secretary Scott Bessent said in an interview with Fox News, "If they (other countries) want to continue unfair trade practices, tariffs will increase until they try to negotiate," adding, "Since (reciprocal tariffs) will vary depending on future developments, I cannot say what will happen."

He also revealed that the criteria for imposing reciprocal tariffs will extend beyond non-tariff barriers to include currency issues. Secretary Bessent stated, "The Department of Commerce and the U.S. Trade Representative (USTR) will produce a report on April 1 regarding (reciprocal tariffs)," and said they will examine △ tariffs △ non-tariff barriers △ currency manipulation △ China's subsidies to domestic companies △ lawsuits by the European Union (EU) against U.S. big tech companies. He further explained, "The essence of reciprocal tariffs is doing to them what they do to us, and then adding other factors while doing what they do."

He also suggested that if the trading partner adjusts tariff rates, the U.S. could correspondingly adjust its tariffs. He said, "If they correct this, tariffs can be lowered."

When asked whether the 1930 Tariff Act, which allows the president to impose tariffs up to 50%, would be used, he avoided a specific answer, saying, "I think we need to wait until April 1 to see what happens."

He said, "President Donald Trump understands leverage better than anyone, so I have no intention of going ahead of the president," adding, "I am confident that President Trump will do whatever is necessary to achieve free and fair trade for the American people."

Earlier, President Trump decided on the 13th to introduce reciprocal tariffs and instructed the Department of Commerce and others to prepare related reports. The Department of Commerce is expected to complete a trade status investigation, including tariffs and non-tariff barriers by country, by April 1. Secretary Bessent also hinted that an agreement on the mineral pact with Ukraine is imminent. He said, "The agreement will be signed, and President Trump will have the means (to negotiate)," adding, "This will send a signal to the Russian leadership that the U.S. is a serious partner with the people of Ukraine."

He mentioned that Russia attacked the Kyiv region just hours before his recent visit to Kyiv, Ukraine, for mineral agreement discussions, saying, "This is a sign that Russia does not like it," and asserted, "If Russia does not like it, then Ukraine must do it, in my view."