Washington – U.S. Treasury Secretary Scott Bessent said on Monday that he is “not concerned at present” about potential retail shortages in the United States despite the ongoing Trump tariffs that have raised costs on imported goods.
The Trump administration has imposed a 10% baseline tariff on most nations and a far higher 145% tariff on goods from China. In addition, several sector-specific tariffs of 25% have been introduced, and the White House has warned of higher tariffs if trade barriers are not reduced by U.S. trading partners.
When asked during a Fox News interview about reports of empty shelves and potential supply chain disruptions due to the tariffs, Bessent downplayed the issue. “Not at present,” he said, expressing confidence that U.S. retailers had adequately prepared for potential shortages. “I assume they pre-ordered,” he added, pointing to the proactive measures taken by retailers to secure inventories ahead of time.
Tariffs and Supply Chain Adjustments
Bessent also suggested that the U.S. retail sector would adapt to the tariff-induced disruptions. “I think we’ll see some elasticities. I think we’ll see replacements,” he stated. His remarks signal that the U.S. market could adjust by finding alternative suppliers or adjusting inventories as needed.
Regarding China’s retaliatory tariffs, which have targeted U.S. agricultural goods like soybeans, corn, and beef, Bessent reiterated that the trade war was likely to hurt China more than the U.S.. “It is the surplus country that always loses the most,” Bessent added, referencing China’s reliance on U.S. imports in the broader trade conflict.
Bessent also alluded to the possibility that China might ultimately seek to de-escalate tensions, stating, “Maybe they’ll call me one day,” signaling that China might eventually be forced to negotiate in order to ease the economic pain caused by the ongoing tariffs.
US Trade Talks and Tariff Impact
While China’s tariffs have escalated tensions, most other U.S. trading partners have refrained from retaliating, making it clear that the Trump tariffs are reshaping global trade dynamics. However, Bessent’s comments reflect confidence that U.S. businesses will adjust and that retail shortages will not be a significant issue for the U.S. economy in the short term.
