U.S. Treasury Secretary: If countries do not reach a trade agreement with the U.S., tariffs will revert to "equivalent" levels.

U.S. Treasury Secretary Steven Mnuchin said on Sunday that if countries do not reach a trade agreement within the 90-day tariff suspension period, tariffs will quickly revert to "equivalent" levels. "President Trump has warned them, if they do not negotiate in good faith, tariffs will return to the level of April 2," Mnuchin said on the program. Mnuchin revealed that the United States is focusing on reaching agreements with 18 "important" trading partners, but did not specify the specific speed at which tariffs would return to "equivalent" levels.