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Treasury Secretary Scott Bessent gave a simple, three-word
response to countries seeking to respond to sweeping US tariffs: "Don't
retaliate."
President Donald Trump announced on his self-proclaimed
"Liberation Day" a 10% tariff on all goods, as well as retaliatory
tariffs on some of the US's closest allies, which he claims are taking advantage
of the US.
The 34% tariffs on China, 20% on the EU, 24% on Japan, and
32% on Taiwan are some of the most notable. Due to an existing 20% tariff,
the tariffs on China have increased to 54%.
“My advice to all countries right now is not to retaliate.
Relax, absorb it, and let's see how it evolves. Because if you retaliate, there
will be an escalation. If you don't retaliate, this is the peak,” Bessent said
Wednesday in an interview on “Special Report” shortly after the announcement.