President Donald Trump announced on his self-proclaimed "Liberation Day" a 10% baseline tariff across the board and retaliatory tariffs on some of the countrys closest allies, who he says are taking advantage of the U.S.
Among some of the notable tariffs are 34% on China, 20% on the European Union, 24% on Japan and 32% on Taiwan.
CHINA SLAMS TRUMP-IMPOSED ARBITRARY TARIFFS, VOWS RETALIATION AGAINST US
The tariffs on China increased to 54% due to an existing 20% tariff.
WHICH COUNTRIES IMPOSE THE HIGHEST TARIFFS ON THE US?
"My advice to every country right now is do not retaliate. Sit back, take it in, let''s see how it goes. Because if you retaliate, there will be escalation," Bessent said Wednesday in an interview on "Special Report" shortly after the announcement. "If you don''t retaliate, this is the high-water mark."
Notably absent on the list of countries subject to tariffs were Mexico, Canada, Russia and Belarus.
Bessent said the United States doesnt trade with Russia or Belarus because they are sanctioned.
U.S. goods exports to Russia in 2024 were $526.1 million, down 12.3 percent from 2023 and U.S. goods imports from Russia totaled $3.0 billion in 2024, down 34.2 percent from 2023, according to the government agency.