Treasury Secretary Scott Bessent is warning the world against retaliation as news of “Liberation Day” tariffs spreads.
“My advice to every country right now is do not retaliate,” he told Fox News shortly after the announcement. “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,” Bessent added.
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The long-awaited tariffs will be set at 10% across the board for most countries, plus 50% of any tariff above that the country charges the United States, or what President Donald Trump calls a “discounted reciprocal tariff.”
For some of the U.S.’s largest trading partners, the tariffs will be high relative to what they’re used to. Tariffs will hit 20%
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