Tariff war: Ministry of Finance gives advice to US trading partners
US Treasury Secretary Scott Bessent (Photo: Getty Images)
After the introduction of new import tariffs, the administration of US President Donald Trump is urging partner countries to remain patient, according to an interview on Bloomberg Television.
US Treasury Secretary Scott Bessent advised governments worldwide not to retaliate against Trump’s tariff hikes.
Bessent advised that other countries should not panic or take countermeasures, explaining that the tariffs were the upper limit, which would prevent the implementation of retaliatory actions.
Other countries have reached out to Washington, requesting trade negotiations. In response, the Treasury Secretary noted that the administration will let everything settle for a while.
"That’ll be the next shoe to drop," Bessent added.
New US import tariffs
On Wednesday, April 2, Donald Trump signed an executive order imposing tariffs on imports from many of the US's trade partners.
For some countries, these tariffs are much higher, including 34% for China and 20% for the European Union.
Additionally, from April 3, the US imposed a 25% tariff on all cars assembled in other countries.
Furthermore, Trump declared a state of emergency in the US to strengthen economic security.
