Treasury Secretary Scott Becent urged global nations to avoid retaliatory measures against the US following Trump’s overhaul of tariff policies, asserting that the administration is gearing up for “long-term” economic advancement.
“I advise all countries to refrain from retaliation, observe, and assess the outcomes of these changes; because retaliating could lead to escalation.
On Wednesday, Trump introduced a revised US tariff policy, enforcing a minimum import duty of 10% on all incoming goods. Many nations face even steeper tariffs, reaching up to 49%.
According to Trump, tariffs are calculated by considering various elements like the speed of implementation and currency manipulation, then dividing the sum by two.
Mexico and Canada, along with China, rank as the top trading partners for the US, and while they are exempt under the US-Mexico-Canada agreement, they still face 25% tariffs.
“The tariffs wouldn’t be perfectly reciprocal; I could have pursued that,” Trump remarked. “However, this must have been challenging for many nations.”
Baier inquired of Bessent about the administration’s reassurance for those concerned about 401(k) plans amidst the tariff announcement on Wednesday.
“Brett, our stance is that we were heading toward a financial crisis, and we’re laying the groundwork for sustained economic growth,” the Treasury Secretary stated on Wednesday. “I’ve taught the history of financial crises, and it was unsustainable because of massive government expenditure.”
“Looking back at 1998 and 2007… it seemed incredible just prior to everything collapsing,” Bessent added. “We’ve altered that course and are now on a path to recovery.”
