U.S. Treasury Secretary Scott Bessent implored America's foreign trading partners not to "panic" or "retaliate" to Donald Trump’s tariff policy, which has sent the stock market careening and earned international condemnation.
"I would advise none of the countries to panic. I wouldn't try to retaliate because as long as you don't retaliate, this is the high end of the number," he told Bloomberg.
Bessent also made similar, more threatening comments on Fox News.
“My advice to every country right now is: Do not retaliate. Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark,” he said during an appearance on Bret Baier's show Special Report.
On Wednesday, which Trump called “Liberation Day,” the president announced the nation's new tariff policy, imposing a minimum of 10 percent import tax on all goods coming into the U.S. Many nations will pay more than that, up to 49 percent tax on imports.
Trump's previous 25 percent tariffs on China, Mexico, and Canada are still in effect, though goods produced under the U.S.-Mexico-Canada Agreement have been exempted from the tariffs, at least for now.
The president insinuated that he had pulled his punches with the tariffs he's imposing.
“The tariffs will be not a full reciprocal. I could have done that, I guess,” Trump said. “But it would have been tough for a lot of countries.”
Trump's tariffs tanked stock markets worldwide. On Thursday, the market was down more than 4 percent in response to his tariffs, and markets in Asia and Europe dove as well.
“The numbers are shockingly high compared to what people were expecting and it is inexplicable in many ways,” Peter Tchir, head of macro strategy at Academy Securities, told The New York Times. “I think it’s a disaster.”
During his appearance on Fox News, Bessent was asked what message the Trump administration has for Americans who are watching their 401ks lose value as markets dip.
“Bret, I say that what we are doing is, we’re setting the stage for long-term economic growth, that we were on our way to a financial crisis,” Bessent said. “I used to teach a history of financial crises. And with that gigantic government spending, it was unsustainable.”
He pointed to 1998 and 2007, and said that things "looked great right before everything collapsed."
“We have taken us off that trajectory," Bessent insisted, "and we are putting ourselves back onto a sound trajectory.”
Trump finally goes all in on tariffs and free traders on the right and left are livid
UK threatens to retaliate to Trump’s tariffs and draws up hitlist of US goods to tax
Trump tariffs live: Starmer warns US president has launched ‘new era’ for trade
Immigration officials raid Washington state roofing company and arrest over 3 dozen people
Trump is behind a ‘spiritual revival’ in the U.S,’ says Karoline Leavitt
Trump tariffs panic Wall Street as stock market plunges at open: Live updates
