Treasury Secretary Scott Bessent warned that tariffs on 18 key trading partners will revert to April 2 levels if trade deals aren't reached within 90 days. The administration is pursuing bilateral and regional agreements, aiming for a win-win scenario for businesses and consumers despite potential price increases. While President Trump insists businesses should absorb tariffs, Walmart, for example, anticipates passing some costs onto consumers. This comes as Moody's downgraded the US credit rating, a move Bessent downplayed.

Prepared by Christopher Adams and reviewed by editorial team.