US Treasury Secretary Bessent:

•Revenue generated from customs duties can be used for tax reductions.
•We have a high likelihood of seeing an income tax reduction in the tax bill.
I do not expect a shock in the supply chain.
The disclosure of trade agreements will bring certainty.
•Asian trading partners have been the most outspoken.
•We had important discussions with Japan.
•We can see that some draft agreements have come together with South Korea.
•Governments want to have a trade agreement framework before going to elections.
•We may see some statements from India.
•India is an easier country to negotiate with compared to other countries.
I had an important meeting with House Speaker Johnson on Monday.
•Customs duties will lead to job losses in China.
•Over time, we will see that tariffs on China are not sustainable for China. Tariffs are not sustainable for China.