Trump Administration Unveils Sweeping Tariffs, Urges World: “Do Not Retaliate”
The Trump administration announced broad tariffs on several major economies, including China, the European Union, Japan, and Taiwan, Fox News reports.
Treasury Secretary Scott Bessent, addressing concerns about potential retaliatory measures, offered a stark three-word message to affected nations: “Do not retaliate.”
President Trump, on what he dubbed “Liberation Day,” revealed a 10% baseline tariff across the board, coupled with higher retaliatory tariffs aimed at countries he accuses of exploiting the United States. The levied tariffs include a hefty 34% on China (escalated from a previous 20% to 54%), 20% on the European Union, 24% on Japan, and 32% on Taiwan.
In an interview on “Special Report” following the announcement, Secretary Bessent cautioned against any retaliatory actions.
“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,” he warned. “If you don’t retaliate, this is the high-water mark.”
Notably absent from the list of countries targeted by the new tariffs were Mexico, Canada, Russia, and Belarus. Bessent explained that trade restrictions against Russia and Belarus were due to existing sanctions. However, data from the US Trade Representative’s office paints a more nuanced picture, showing that the United States still engaged in an estimated $3.5 billion in total goods trade with Russia in 2024. US goods exports to Russia totaled $526.1 million in 2024, while imports from Russia amounted to $3.0 billion, according to the report.
The White House confirmed that the 10% baseline tariff will take effect this Saturday, with the individual, reciprocal tariffs slated to begin on April 9.
“These tariffs will remain in effect until such a time as President Trump determines that the threat posed by the trade deficit and underlying nonreciprocal treatment is satisfied, resolved, or mitigated,” according to a statement released by the Trump administration.
The administration’s move coincides with ongoing efforts in Congress to pass a tax bill, aiming to make the Trump 2017 tax cuts permanent. Secretary Bessent emphasized the importance of this legislation for future economic growth.
