'Sit Back, Take It': Trump Treasury Secretary Warns Tariffed Countries Not To Retaliate [View all]

Source: MEDIAite

Apr 2nd, 2025, 6:51 pm


Treasury Secretary Scott Bessent warned countries not to retaliate against tariffs imposed by the U.S. or their goods will get slapped with even higher tariffs when imported into the U.S.

On Tuesday, President Donald Trump announced baseline tariffs of 10% on all imports, plus higher tariffs on goods from dozens of select nations, including 34% on imports from China, 46% on goods from Vietnam, and 20% tariffs on imports from the European Union. Meanwhile, the president left in place existing tariffs on Canada and Mexico in place.

Shortly afterward, Bessent joined Special Report on Fox News, which Bret Baier was hosting on the White House grounds. The host pointed to after-hours trading in the markets, which reacted bearishly to Trump’s announcement. “The president calls it ‘Liberation Day,'” Baier said. “We showed the markets before, but if you saw the post-market reaction, it was kind of down across the board. People are looking at their 401(k)s and they worry about it. What do you say to them tonight?”

“Bret, I say that what we are doing is we’re setting the stage for long-term economic growth, that we were on our way to a financial crisis. I used to teach a history of financial crises. And with gigantic government spending, it was unsustainable. You look back in 1998, you look back in ’07. Right before it looked great, everything collapsed.”

Read more: https://www.mediaite.com/tv/sit-back-take-it-trump-treasury-secretary-warns-tariffed-countries-not-to-retaliate/

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Hedge fund manager promotes more discredited "supply side economics" nonsense. The markets were not "kind of down". They were (and still are with the futures), WAY down, as are the global markets (the Asian markets being the first to react during their normal trading hours - right now, the Nikkei is down almost 3% at post time).

Every GOP administration produces a recession that Democrats have to dig out of.