World leaders hold off on retaliatory tariffs as Bessent urges patience
Treasury Secretary Scott Bessent has advised countries against retaliating following the announcement of new tariffs dubbed “Liberation Day” by president Trump.He emphasized the importance of patience and cautioned that retaliation could lead to escalated trade conflicts. The tariffs, set at 10% across various nations, will be considerably higher for key trading partners—20% on the European Union, 24% on Japan, and 54% on China. Bessent assured that the proposed rates would not increase and expressed concern over potential retaliatory actions from affected countries. European Commission President Ursula von der Leyen described the tariffs as detrimental to the global economy, while other leaders, including Germany’s Chancellor Olaf Scholz and Italy’s Prime Minister Giorgia Meloni, expressed hopes for negotiations to avoid a trade war. Contrarily, Canada’s Prime Minister Mark Carney pledged countermeasures, reflecting the heightened tensions resulting from Trump’s trade policies, which have been portrayed by his management as a long-awaited shift toward fair trade.
World leaders hold off on retaliatory tariffs as Bessent urges patience
Treasury Secretary Scott Bessent is warning the world against retaliation as news of “Liberation Day” tariffs spreads.
“My advice to every country right now is do not retaliate,” he told Fox News shortly after the announcement. “Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation.”
“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.”
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.”
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