US optimistic on ‘very good’ tariff plans, treasure secretary says ‘good faith’ key to trade deals

United States Secretary of the Treasury Scott Bessent has expressed cautious optimism regarding the proposals submitted by various countries for new tariff rates, stating that, with few exceptions, the offers have been very favourable.

Speaking on the ongoing trade negotiations, Bessent emphasised that the success and timing of trade deals will largely depend on whether the involved countries engage in good faith during discussions.

The US Secretary of Treasury's comments come against the backdrop of a complex global trade environment, where heightened tariffs and protectionist measures have strained international relations and disrupted supply chains.

Bessent’s remarks highlight the delicate nature of the current trade climate, where governments are attempting to balance protecting domestic industries with maintaining healthy international partnerships. 

He noted that while many countries are presenting constructive proposals, the ultimate outcome will depend on sustained goodwill and genuine commitment to resolving differences.

“Negotiations are not merely about numbers but about trust and transparency,” Bessent remarked, underscoring the importance of diplomatic engagement in reaching mutually beneficial agreements.

Walmart Ready to Cushion Impact

In a related development, following a recent call with Walmart’s CEO, Bessent revealed that the retail giant is prepared to absorb some of the tariff costs rather than passing them entirely onto consumers.

Walmart had previously warned that escalating tariffs could force price increases on a wide range of products, potentially burdening shoppers and dampening consumer spending.

Despite operating on thin profit margins, Walmart’s decision to cushion the impact of tariffs reflects its commitment to customer affordability and market stability.

On Saturday, US President Donald Trump said that Walmart should "eat the tariffs" instead of blaming duties imposed by his administration on imported goods for the retailer's increased prices.

Trump's comments were in response to the world's largest retailer, Walmart, saying it would have to start raising prices later this month due to high tariffs.

This move by Walmart aligns with Bessent’s broader economic strategy, which seeks to balance trade policy objectives with the realities of consumer demand and corporate sustainability.

By absorbing some tariff expenses, Walmart aims to mitigate inflationary pressures and maintain competitive pricing, even as governments negotiate complex trade agreements.

Bessent’s comments and Walmart’s approach together signal a cautious optimism that, with good-faith negotiations and cooperative corporate strategies, the global trade environment may gradually stabilise and improve in the coming months.