Please ask all countries to reach an agreement on the 90-day tariff suspension! US Treasury Secretary Bessent: We have communicated with Walmart and there is no need to worry about Moody's credit rating

U.S. Treasury Secretary Scott Bessent warned global trade partners this morning on 5/19 that if no agreement is reached during the 90-day tariff suspension period, the Trump administration will revert to the previous "reciprocal standard". Regarding Trump's previous request for Walmart to absorb tariffs and Moody's downgrade of the U.S. credit rating, Bessent stated that he has already spoken with Walmart's CEO, asking them to absorb part of the tariffs, with some portion to be passed on to consumers. As for Moody's downgrade, he believes it is not a concern, as U.S. assets remain highly attractive. Bessent emphasized: "President Trump has called for good faith negotiations during the tariff suspension period. If unwilling, they will revert to the 4/2 standard." Bessent also mentioned that currently, 18 important trade partners are priority negotiation targets for the U.S., but did not disclose the negotiation timeline. Bessent revealed that the U.S. is considering establishing regional tariff schemes for Central and South America and Africa: "Directly establishing a regional average tax rate." He stressed that this will make negotiations more flexible and hopes to promote global trade stability without interfering with U.S. interests. Trump stated at last week's UAE business roundtable: "About 150 countries want to sign trade agreements with the U.S., but due to time and personnel constraints, it's impossible to negotiate with each country individually." He further noted that in the next two to three weeks, his financial team will send out notifications, telling countries: "How much tax they should pay if they do not sign an agreement." U.S. Trade Representative Jamieson Greer and Bessent reached a preliminary consensus with the Chinese trade delegation on 5/13 in Geneva, Switzerland, reducing tariffs on China from 145% to 30%, with Bessent stating this is "for adjustment and pressure".

• The United States temporarily reduced tariffs on Chinese goods from 145% to 30%.
• China also reduced tariffs on U.S. goods from 125% to 10%.

However, Basant also stated that this is only a temporary adjustment for 90 days, and tariffs will be raised again if negotiations fail.

External criticism of the inconsistent U.S. policy and corporate complaints, Basant says not to worry, this is a blurred battle

Regarding corporate complaints about policy inconsistency and unpredictability, Basant explained that this is a deliberately blurred battle. He stated:

"If we give the other side too much information, they will play us at the negotiating table. But ultimately, I believe American consumers and workers will benefit from this."

Responding to Trump's Walmart tariff controversy, claiming to have reached an agreement with the CEO

Many U.S. retailers relying on Chinese goods are worried that resuming high tariffs will lead to cost explosions and profit compression. Walmart, a well-known U.S. retailer, recently warned that prices of some goods will increase.

After learning of this, Trump stated:

"Walmart must eat these tariffs together with China and not let hardworking consumers pay the bill!"

Basant responded that he has communicated with Walmart CEO Doug McMillon:

"Part of the tariffs will be absorbed by Walmart, and the rest may be reflected in product prices."

Moody's downgrades U.S. credit rating to Aa1, Basant says he doesn't care, U.S. assets still attractive

Besides the tariff issue, there are also financial warnings. On 5/16, Moody's downgraded the U.S. sovereign credit rating from AAA to Aa1. The reasons are:

• U.S. federal debt has reached $36 trillion and is rapidly increasing.

• One key reason is ongoing congressional disputes over the White House's budget proposal.

• The Committee for a Responsible Federal Budget (CRFB) estimates that if the latest tax cuts are extended for a full decade, it could increase the U.S. fiscal deficit by up to $5.2 trillion.

Basant responded:

"U.S. assets remain attractive, and I'm not concerned about Moody's downgrade."

Credit rating downgrade may push up U.S. bond yields, affecting mortgage and corporate loan costs

Experts point out that after losing the highest credit rating, the market may perceive increased risk in lending to the U.S., potentially causing U.S. bond yields to decline.

The 10-year U.S. Treasury bond yield is a global financial contract pricing benchmark that directly affects mortgage rates and corporate loan costs. If it rises, it could put pressure on the economy.

(Why was the U.S. national debt downgraded? What impact does it have on Taiwan, which holds a large amount of U.S. debt? Research institutions explain)

[The rest of the text appears to be about Echo, a crowdfunding platform in the crypto space, which I can also translate if needed.]

From Hostile to Supportive: Top VCs Fully Entering the Market

Unlike the early hostile attitude towards Echo, more and more top-tier VCs are now choosing to embrace the platform. Funds such as Paradigm, Coinbase Ventures, Hack VC, and 1kx have recently established dedicated investment groups on Echo, demonstrating a significant shift from "silent support" to "active participation":

Many VCs will release part of their originally allocated token quota to the Echo community or encourage founders to open a community round in addition to VC financing, sharing investment opportunities.

Pack stated: "We encourage projects in our portfolio to raise funds on Echo, ideally with conditions that are at least on par with ours, or even better for the community. In an ideal scenario, we hope every protocol or network project conducts a community fundraising before token issuance."

(How Market Collapse Impacts VCs: Crypto Venture Capital Shifting to Liquid Funds, Flexibility Becomes Key)

Not a Competitor but a Tool: Echo Enhances Rather Than Replaces VCs

Echo is not a platform competing for resources, but a "collaborative tool", as defined by 1kx founder Lasse Clausen:

Founders still seek "high-reputation investors who can provide substantial help", and Echo simply adds another channel to capital and community, which does not conflict.

As Dragonfly partner Rob Hadick observed, not all projects on Echo have been fully sold in recent months, with only those backed by top VCs selling out instantly. Today's collaboration not only enhances user confidence but also effectively bridges information gaps, becoming one of the most critical success factors for crowdfunding platforms.

(Blockchain Ecosystem Competing for Developers: Colosseum Collaborates with Fundraising Platform Echo to Accelerate Solana Startup Applications)

Echo Empowered by VCs is Reshaping Early Investment Landscape

Echo operates on an "invitation system" where projects must be endorsed by group leaders to be listed. Now that VCs have their own Echo Group, they also have the power to recommend and assist in sales. Cobie noted that these VCs typically do not demand carry (investment profit sharing) but instead open resources to the community.

CMS Holdings is one of the earliest funds to participate in Echo, with its "4 Ventures" having led about 20 investments to date. Co-founder Dan Matuszewski stated:

Echo's transaction heat once cooled down but has recently warmed up, highly correlated with the overall Altcoin market enthusiasm.

Looking at Echo's Future: Community + Institutions is the New Norm

Although Echo's original intention was to give retail investors a chance to access early-stage projects, Cobie believes that bringing in more reputable VCs will not dilute this vision but instead enhance transaction quality and platform trust. Generative Ventures partner Lex Sokolin added:

If Echo wants to become a true intermediary, not just an idea or banner, it needs a stable capital pool and reputation to attract high-quality projects.

With VC support, Echo has not strayed off course but is closer to its ultimate goal: "breaking information and opportunity inequality", allowing the community to participate in the birth of the next blockchain giant.