U.S. Treasury Secretary: Countries Should Not Rush to Retaliate

In light of the tariffs imposed by President Donald Trump on a range of trade partners, the U.S. Secretary of the Treasury advised countries not to rush into retaliation. U.S. Treasury Secretary Scott Bessent advised countries looking to retaliate against U.S. tariffs: "Don't rush to retaliate," according to Fox News. On April 2, (, America time ), President Donald Trump announced a list of retaliatory import tariffs affecting over 180 global trading partners. Among them, about half of the partners will face a common tariff of 10%, expected to take effect from April 5. While major trading partners face higher rates of nearly 50%, it is expected to take effect from 9/4. Some notable tariffs are 34% for China, 20% for the European Union (EU), 24% for Japan, and 32% for Taiwan (China). "My advice to all countries right now is not to retaliate. Sit down and see how things unfold. If you retaliate, tensions will escalate," Mr. Bessent said. Mr. Bessent also stated that in the event that other countries do not retaliate, the above tariff is the highest level. Notably, Mexico, Canada, Russia, and Belarus are not on the list of countries facing countervailing duties this time. The U.S. Secretary of Finance explained that America is currently not trading with Russia or Belarus because these countries are under sanctions. However, the Office of the United States Trade Representative has indicated that the total trade in goods between America and Russia is estimated to reach 3.5 billion USD in 2024. According to the government agency, the export turnover of goods from America to Russia in 2024 is 526.1 million USD, a decrease of 12.3% compared to 2023. On the other hand, the import turnover of goods from Russia reached a total of 3 billion USD in 2024, a decrease of 34.2% compared to 2023. In addition, the White House also announced that the basic tax rate of 10% will take effect on April 5, and individual corresponding tax rates will start to apply from April 9. Mr. Bessent stated that these tax levels will remain in effect until President Donald Trump determines that the threat posed by the trade deficit and fundamentally unbalanced trading activities has been addressed.