“If you don’t retaliate, this is the high-water mark,” Bessent added.

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% on the European Union, 24% on Japan, and 32% on Taiwan. For China, overall tariff rates will hit 54%, and Trump also moved to close the so-called de minimis loophole through which that country shipped billions of dollars’ worth of small packages, valued at $800 or less, to U.S. consumers each year.

Bessent tried to calm nerves by ensuring that the numbers would not go any higher, but there’s still a risk that nations will respond with tariffs of their own.

European Commission President Ursula von der Leyen called the tariffs a “major blow to the world economy,” predicting dire consequences for millions around the globe, especially the “most vulnerable citizens.” But she stopped short of announcing retaliatory measures, perhaps in hopes of negotiating better terms with Trump.

German Chancellor Olaf Scholz said he hopes for an agreement for the prosperity of the U.S. and the EU, according to the Associated Press, while United Kingdom Prime Minister Keir Starmer said he hopes to get tariffs lifted with a new trade deal.

Italy, which has a conservative government led by Prime Minister Giorgia Meloni, also spoke out against the tariffs.

“We will do everything we can to work towards an agreement with the United States,” she wrote on Facebook, “with the aim of avoiding a trade war that would inevitably weaken the West.”

China, which has already made aggressive statements about Trump’s trade war, said it “firmly opposes” new tariffs and promised to enact countermeasures.

Canada was one of the few countries spared from the new announcement, yet its prime minister, Mark Carney, responded with strong words, calling Trump’s tariffs a “crisis” and predicting that his country would retaliate.

“We are going to fight these tariffs with countermeasures,” he said. “We are going to protect our workers, and we are going to build the strongest economy in the G7. In a crisis, it’s important to come together, and it’s essential to act with purpose and with force. And that’s what we will do.”

Liberation Day: Trump unveils reciprocal tariffs, says US will no longer be ‘raped’ by trading partners

The Trump White House is billing the tariffs as a win in spite of ominous statements from world leaders, calling it the culmination of a policy Trump has wished to implement for 40 years.

“President Donald J. Trump made clear to the world that the days of economic surrender are over,” the White House said in a fact sheet. “After being sold out by career politicians for generations, President Trump is enacting fair trade policies that will restore our workforce, rebuild our economy, and finally put America First.”