"Sit back and take it in" – US Treasury's Message to Nations Affected by Tariffs
U.S. Treasury Secretary Scott Bessent has called on America's trading partners to refrain from retaliating against the new import taxes implemented by Washington. On Wednesday, President Donald Trump announced a series of reciprocal tariffs...
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U.S. Treasury Secretary Scott Bessent has called on America's trading partners to refrain from retaliating against the new import taxes implemented by Washington.
On Wednesday, President Donald Trump announced a series of reciprocal tariffs on exports from countries across the globe, part of what he has termed his "Liberation Day" initiative, which has raised concerns about a potential global trade war.
In an interview with Fox News shortly after Trump's announcement, Bessent expressed that the tariffs are intended to create a foundation for sustainable economic growth.
"My advice to every country right now is do not retaliate," Bessent stated. "Sit back, take it in, let’s see how it goes."
He cautioned that retaliatory measures could lead to further escalation.
Trump has presented his "Liberation Day" tariffs as a mechanism to restore equilibrium in global trade, alleging that foreign nations have exploited the openness of the U.S. market and taken advantage of American consumers.
Beginning April 5, the U.S. will implement a 10% baseline tariff on all imports, with individual reciprocal tariffs taking effect on April 9. Additionally, a separate 25% tariff on cars and trucks will commence on April 3, followed by the same rate on auto parts on May 3.
Countries facing these reciprocal tariffs include China, India, Japan, South Korea, and South Africa. Furthermore, Trump has imposed 20% duties on European Union goods, criticizing the bloc's members as "very tough traders."
World leaders have condemned these extensive measures. European Commission President Ursula von der Leyen remarked on Thursday that they represent a "major blow to the world economy."
"The consequences will be dire for millions of people around the globe," she stated, adding that while the EU is open to negotiations, it is also ready to respond with countermeasures.
German Chancellor Olaf Scholz echoed the criticism, describing Trump’s decision as "fundamentally wrong" and an "attack on a trade system."
"We want cooperation, not confrontation, and will defend our interests," Scholz commented.
The Chinese Commerce Ministry called for the U.S. to "immediately" lift unilateral tariffs and seek to resolve trade disputes "through dialogue on an equal footing."
"There are no winners in trade wars, and there is no way out for protectionism," the ministry declared.
Thomas Evans contributed to this article for TROIB News
On Wednesday, President Donald Trump announced a series of reciprocal tariffs on exports from countries across the globe, part of what he has termed his "Liberation Day" initiative, which has raised concerns about a potential global trade war.
In an interview with Fox News shortly after Trump's announcement, Bessent expressed that the tariffs are intended to create a foundation for sustainable economic growth.
"My advice to every country right now is do not retaliate," Bessent stated. "Sit back, take it in, let’s see how it goes."
He cautioned that retaliatory measures could lead to further escalation.
Trump has presented his "Liberation Day" tariffs as a mechanism to restore equilibrium in global trade, alleging that foreign nations have exploited the openness of the U.S. market and taken advantage of American consumers.
Beginning April 5, the U.S. will implement a 10% baseline tariff on all imports, with individual reciprocal tariffs taking effect on April 9. Additionally, a separate 25% tariff on cars and trucks will commence on April 3, followed by the same rate on auto parts on May 3.
Countries facing these reciprocal tariffs include China, India, Japan, South Korea, and South Africa. Furthermore, Trump has imposed 20% duties on European Union goods, criticizing the bloc's members as "very tough traders."
World leaders have condemned these extensive measures. European Commission President Ursula von der Leyen remarked on Thursday that they represent a "major blow to the world economy."
"The consequences will be dire for millions of people around the globe," she stated, adding that while the EU is open to negotiations, it is also ready to respond with countermeasures.
German Chancellor Olaf Scholz echoed the criticism, describing Trump’s decision as "fundamentally wrong" and an "attack on a trade system."
"We want cooperation, not confrontation, and will defend our interests," Scholz commented.
The Chinese Commerce Ministry called for the U.S. to "immediately" lift unilateral tariffs and seek to resolve trade disputes "through dialogue on an equal footing."
"There are no winners in trade wars, and there is no way out for protectionism," the ministry declared.
Thomas Evans contributed to this article for TROIB News
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