Bessent warns retaliation could raise ‘ceiling’ of reciprocal tariffs

Treasury Secretary Scott Bessent on Wednesday urged U.S. trading partners against countering President Trump’s new “reciprocal” tariffs with fresh trade barriers of their own, saying any such moves would raise the “ceiling” set in the newly launched policy -- and saying “I just don’t know” whether the administration will be open to negotiations on lower duties. “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...