US Treasury Secretary Scott Bessent has urged Washington’s trading partners not to retaliate against President Donald Trump’s latest set of tariffs.
Trump on Wednesday announced reciprocal tariffs on exports from countries around the world, part of what he has branded his ‘Liberation Day’ plan, raising fears of a global trade war.
Speaking to Fox News shortly after Trump’s announcement, Bessent said that the levies aimed to lay the groundwork for long-term economic growth.
“My advice to every country right now is do not retaliate,” Bessent said. “Sit back, take it in, let’s see how it goes.”
He warned that retaliation would lead to escalation.