Treasury Secretary Scott Bessent issued a warning to countries looking to retaliate against the United States over the tariffs President Trump announced on “Liberation Day.”
"Sit back, take a deep breath, don't immediately retaliate. Let's see where this goes, because if you retaliate, that's how we get escalation," Bessent told CNN, adding that “doing anything rash would be unwise.”
Bessent: "One of the messages that I'd like to get out tonight is everybody sit back, take a deep breath, don't immediately retaliate, let's see where this goes. Because if you retaliate, that's how we get escalation." pic.twitter.com/7byIZJ8vt4
— Aaron Rupar (@atrupar) April 3, 2025
When host Kaitlan Collins asked if at that point it becomes a "full fledged trade war," Bessent said "it depends on the country."
"But remember that the history of trade is we are the deficit country," Bessent added. "The deficit country has an advantage. They are the surplus countries. The surplus countries traditionally, always lose any kind of trade escalation."
The White House announced a baseline 10 percent tariff on all imports, effective April 5, with higher rates for countries imposing steeper duties on US goods.
Trump confirmed that from midnight in Washington, a 25 percent tariff would be imposed on all foreign cars imported to the US.
Trump held up a chart while speaking at the White House, showing the United States would charge a 34 percent tax on imports from China, a 20 percent tax on imports from the European Union, 25 percent on South Korea, 24 percent on Japan and 32 percent on Taiwan.
The president used aggressive rhetoric to describe a global trade system that the United States helped to build after World War II, saying 'our country has been looted, pillaged, raped, plundered' by other nations.
Trump declared a national economic emergency to launch the tariffs, expected to produce hundreds of billions in annual revenues. (Daily Mail)
Collins also tried to stoke fear about the tariffs on imported cars, but Bessent was more than ready to push back.
CNN’s Kaitlan Collins seriously tried to corner Trump’s Treasury Secretary Scott Bessent on the tariff strategy.
— Eric Daugherty (@EricLDaugh) April 3, 2025
She thinks they haven’t thought this through.
He shows, in a masterclass, Trump knows what he’s doing.
pic.twitter.com/b2tBhXU5ZN
"I think we're going to wait and see how this plays out."
— TheSourceCNN (@TheSourceCNN) April 3, 2025
Treasury Secretary Scott Bessent talks to @kaitlancollins about what will happen next in Trump's trade war after the President announced new tariffs tonight. Watch: pic.twitter.com/VrAA8ADW1p
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