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Scott Bessent Urges US Trading Partners Not to Retaliate: Full Interview
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April 2, 2025
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12:33Now PlayingTreasury Secretary Scott Bessent urged US trading partners against taking retaliatory steps against President Donald Trump’s new set of retaliatory tariffs.
“I wouldn’t try to retaliate,” Bessent said in an interview Wednesday with Bloomberg Television. “As long as you don’t retaliate this is the high end of the number.”
Bessent spoke shortly after Trump unveiled a 10% universal baseline tariff for many trading partners, with much higher surtaxes on others — including a 34% rate for China and 20% levy on the European Union.
“This is the high end of the number barring retaliation,” Bessent said. “As far as negotiations go — we’ll see.”
President Donald Trump is imposing tariffs on US trading partners worldwide, his biggest assault yet on a global economic system he has long bemoaned as unfair.
Trump said Wednesday he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US. That includes substantially higher rates on some of the country’s biggest trading partners, such as China — which now faces a tariff of at least 54% on many goods — the European Union and Vietnam.
“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” Trump said during an event in the White House Rose Garden.
The higher “reciprocal” rates targeting nations the Trump administration labels the worst offenders are based on a government tally of the levies and non-tariff barriers those countries impose on US goods. Under Trump’s plan, those countries facing higher, customized rates will be hit with a levy equal to one-half of that calculated amount.
Watch Treasury Secretary Scott Bessent's full conversation following President Donald Trump's Rose Garden tariff plan announcement.
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