‘Sit back and take it in’ – US treasury to tariff-hit nations

Secretary Scott Bessent has urged American trading partners not to retaliate against Washington’s new import taxes

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.

Trump has framed his ‘Liberation Day’ tariffs as a way to restore balance to global trade. He has long accused foreign countries of abusing the openness of the US market and “ripping off” the American people.

The US will impose a 10% baseline tariff on all imports starting April 5. Individual, reciprocal tariffs will take effect on April 9. A separate 25% tariff on cars and trucks comes into force on April 3, with the same rate on auto parts to follow on May 3.

Countries targeted with reciprocal tariffs include China (34%), India (26%), Japan (24%), South Korea (25%) and South Africa (30%). Trump also imposed 20% duties on EU goods, calling the bloc’s members “very tough traders.” 

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World leaders have condemned the sweeping measures. European Commission President Ursula von der Leyen on Thursday called them a “major blow to the world economy.”

“The consequences will be dire for millions of people around the globe,” she said, adding that while the EU is ready to negotiate, it is also prepared to respond with countermeasures.

German Chancellor Olaf Scholz echoed the criticism, calling Trump’s decision “fundamentally wrong” and “an attack on a trade system.”

“We want cooperation, not confrontation, and will defend our interests,” Scholz said.

The Chinese Commerce Ministry urged the US to “immediately” lift unilateral tariffs and properly resolve trade disputes “through dialogue on an equal footing.”

“There are no winners in trade wars, and is no way out for protectionism,” the ministry said.