Dubai Telegraph - US to produce tariff 'number' for countries on April 2: Bessent

EUR -
AED 4.016232
AFN 77.070581
ALL 99.375072
AMD 428.185079
ANG 1.9705
AOA 998.94243
ARS 1168.037984
AUD 1.719398
AWG 1.968364
AZN 1.817577
BAM 1.958864
BBD 2.207634
BDT 132.840225
BGN 1.9548
BHD 0.41211
BIF 3206.588005
BMD 1.093536
BND 1.456745
BOB 7.555094
BRL 6.203301
BSD 1.09335
BTN 94.601739
BWP 14.845766
BYN 3.578261
BYR 21433.297064
BZD 2.196216
CAD 1.563827
CDF 3143.914916
CHF 0.959025
CLF 0.026137
CLP 1002.979675
CNY 7.903856
CNH 7.907022
COP 4504.546374
CRC 545.272889
CUC 1.093536
CUP 28.978692
CVE 110.643627
CZK 25.032011
DJF 194.343084
DKK 7.458782
DOP 68.892571
DZD 145.745777
EGP 55.23153
ERN 16.403033
ETB 141.178084
FJD 2.495016
FKP 0.842228
GBP 0.841328
GEL 3.056422
GGP 0.842228
GHS 16.960492
GIP 0.842228
GMD 78.179231
GNF 9470.018093
GTQ 8.424255
GYD 229.33923
HKD 8.496498
HNL 28.169525
HRK 7.531947
HTG 143.427962
HUF 397.615039
IDR 18065.207526
ILS 4.011559
IMP 0.842228
INR 94.673661
IQD 1432.53159
IRR 46037.846891
ISK 145.68055
JEP 0.842228
JMD 171.448188
JOD 0.775423
JPY 163.436543
KES 141.581411
KGS 95.154004
KHR 4388.901936
KMF 491.735588
KPW 984.155362
KRW 1586.170473
KWD 0.336743
KYD 0.911159
KZT 544.809621
LAK 23680.512934
LBP 97926.109836
LKR 323.721183
LRD 217.777457
LSL 19.82561
LTL 3.228926
LVL 0.661468
LYD 5.270465
MAD 10.513797
MDL 19.647452
MGA 5112.278598
MKD 61.498477
MMK 2294.940032
MNT 3799.207902
MOP 8.750308
MRU 43.642823
MUR 49.101544
MVR 16.851529
MWK 1897.284072
MXN 21.769543
MYR 4.854181
MZN 69.876586
NAD 19.825549
NGN 1683.519989
NIO 40.192919
NOK 11.550687
NPR 151.361688
NZD 1.879755
OMR 0.42098
PAB 1.09335
PEN 3.971176
PGK 4.400933
PHP 62.635536
PKR 306.463042
PLN 4.181737
PYG 8714.831422
QAR 3.981019
RON 4.977115
RSD 117.178939
RUB 89.396094
RWF 1562.115554
SAR 4.101433
SBD 9.19804
SCR 15.770634
SDG 657.2145
SEK 10.994018
SGD 1.455442
SHP 0.859347
SLE 24.966061
SLL 22930.895204
SOS 624.938373
SRD 39.818366
STD 22633.978346
SVC 9.567184
SYP 14218.070045
SZL 19.826333
THB 36.786441
TJS 11.917778
TMT 3.83831
TND 3.361255
TOP 2.561171
TRY 40.133519
TTD 7.426889
TWD 36.081422
TZS 2883.081389
UAH 45.47868
UGX 4007.268375
USD 1.093536
UYU 46.603966
UZS 14161.285708
VES 72.94379
VND 27912.495284
VUV 134.74922
WST 3.040482
XAF 657.014777
XAG 0.032204
XAU 0.000361
XCD 2.955335
XDR 0.81782
XOF 655.575496
XPF 119.331742
YER 269.228703
ZAR 19.814423
ZMK 9843.140709
ZMW 31.407278
ZWL 352.118006
  • CMSC

    -0.1100

    23.22

    -0.47%

  • BCE

    0.0800

    23.78

    +0.34%

  • CMSD

    -0.1500

    23.39

    -0.64%

  • NGG

    -0.3300

    63.81

    -0.52%

  • RBGPF

    0.3500

    66.78

    +0.52%

  • AZN

    -0.3000

    77.07

    -0.39%

  • GSK

    0.1400

    40.39

    +0.35%

  • BTI

    -0.5800

    41.26

    -1.41%

  • JRI

    -0.0200

    12.98

    -0.15%

  • SCS

    -0.0800

    10.93

    -0.73%

  • BCC

    -0.6600

    99.34

    -0.66%

  • RIO

    0.6700

    64.14

    +1.04%

  • RYCEF

    0.0600

    10.51

    +0.57%

  • RELX

    -0.6100

    48.99

    -1.25%

  • BP

    0.4600

    34.22

    +1.34%

  • VOD

    -0.0200

    9.84

    -0.2%

US to produce tariff 'number' for countries on April 2: Bessent
US to produce tariff 'number' for countries on April 2: Bessent / Photo: ROBERTO SCHMIDT - AFP/File

US to produce tariff 'number' for countries on April 2: Bessent

Washington is expected to present US trading partners on April 2 with a number representing their tariff and other barriers, as it unveils reciprocal levies tailored to each country, US Treasury Secretary Scott Bessent said Tuesday.

Text size:

President Donald Trump has promised reciprocal duties -- on both US allies and competitors alike -- from April 2, though his administration has yet to release the exact details of the plan.

"What's going to happen on April 2 -- each country will receive a number that we believe represents their tariffs," Bessent told Fox Business.

"We are going to go to them and say, look, here's where we think the tariff levels are, non-tariff barriers, currency manipulation, unfair funding, labor suppression," he added on "Mornings With Maria."

With just over two weeks until April 2, he did not say whether those calculations would be complete for all nations by the deadline, but left open the door to some avoiding reciprocal tariffs on that date.

If countries stop their practices, Bessent said, "we will not put up the tariff wall."

Some duties "may not have to go on because a deal is pre-negotiated," he said, or because countries swiftly approach Washington for talks once they receive their number.

Trump said Monday on social media that April 2 would be "Liberation Day for America," promising to "start taking back some of the vast wealth that has been taken from us."

- 'No reason' for recession -

The president's tariff plans and the uncertainty surrounding them have shaken markets in recent weeks, fanning fears that an economic ebb could be in the cards.

But Bessent told Fox Business that he saw "no reason we need to have a recession," saying "the underlying economy is healthy."

He dismissed the premise of guaranteeing there will not be a downturn in the world's biggest economy.

The former hedge fund manager raised the idea of a "pause" as the economy transitions away from "unsustainable" levels of government spending, pledging that the Trump administration would rein in expenditures and bring manufacturing home.

The president has referred to tariffs as a way to raise revenue, remedy trade imbalances and pressure countries to act on US concerns.

On Tuesday, Bessent stressed that Trump has identified "critical industries" -- like steel and aluminum among manufacturing sectors -- for which he hopes to bring production back to the United States.

He added that "we're going to take in substantial revenues," pointing to these as a means to offset the government deficit.

Economists note that while tariffs raise revenue for the government, they also shift demand towards domestic industries that make the protected goods.

They caution that this does not always mean a net expansion of demand.

Bessent also said Tuesday that the Treasury is working with Congress on further outbound investment rules: "We will make sure that our outbound investment doesn't turn around and get used against us."

B.Gopalan--DT