US tells countries 'don't retaliate', explains why Russia won't face more tariffs

(CLO) US Treasury Secretary Scott Bessent has a clear message for countries considering retaliating against new US tariffs: "Don't retaliate."

“My advice to any country right now is don’t retaliate… Because if you retaliate, it escalates,” Mr. Bessent said in an interview on April 2. He asserted that this was the highest tariff level if countries did not retaliate.

US President Donald Trump speaks at the "Make America Wealthy Again" event in the Rose Garden at the White House on April 2. Photo: White House

Previously, President Donald Trump announced a basic tax of 10% on all imports into the US. In addition, the US also imposed higher taxes on some close allies, on the grounds that they were taking advantage of the US. Specifically, China was subject to a tax rate of 34%, the European Union 20%, Vietnam 46%, Japan 24% and Taiwan 32%. China alone was subject to a total tax rate of 54% because it already had a 20% tax.

Notably, Mexico, Canada, Russia, and Belarus are not on the list of countries subject to tariffs. Mr. Bessent explained that the US does not trade with Russia and Belarus due to sanctions, but according to the Office of the US Trade Representative, total trade in goods between the US and Russia in 2024 will still reach $3.5 billion, of which US exports to Russia will reach $526.1 million, down 12.3% compared to 2023, while imports from Russia will be $3.0 billion, down 34.2%.

Mr. Bessent emphasized that the goal of this policy is to promote long-term economic growth, while criticizing the administration of former President Joe Biden for "huge public spending".

He also said Congress was working to make Mr Trump's 2017 tax cuts permanent. "The sooner we have tax certainty, the more we can create conditions for continued economic growth," he said.

The White House confirmed that the base 10% tariff will take effect on April 5, while the individual tariffs will be applied on April 9. According to the Trump administration's statement, these tariffs will remain in place until the President determines that the threat of trade deficits and unfair treatment has been resolved.

Ngoc Anh (according to WH, Fox News, CBS)

Source: https://www.congluan.vn/my-noi-cac-nuoc-dung-tra-dua-giai-giach-tai-sao-nga-khong-bi-ap-them-thue-post341220.html