US Treasury secretary urges countries not to retaliate against tariffs

ISTANBUL

US Treasury Secretary Scott Bessent warned countries Wednesday not to retaliate against a barrage of tariffs from the White House, saying if retaliation does not occur, higher customs duty rates will not be applied.

"I would advise none of the countries to panic. I wouldn't try to retaliate, because as long as you don't retaliate, this is the high end of the number," Bessent said in an interview with Bloomberg.

Bessent said markets can be confident that these rates will be fixed as long as no retaliation occurs.

Noting that countries had reached out for tariff negotiations, he said what will be done in this regard depends on President Donald Trump.

In an interview with Fox News, Bessent reiterated his advice, saying: "Right now, my advice to every country is not to retaliate. Let’s see how things unfold, because if you retaliate, things will escalate."