Treasury Secretary Scott Bessent warned the trading partners of America that 'everything that would be unwise' in response to Donald Trump's tariff program.
US shares fell in after-US trade after President Trump announced broad rates from 10 percent with much higher rates for certain countries.
Within a few minutes after Trump's announcement, the futures that the flagship S&P 500 of America followed two percent, while the Nasdaq fell three percent – the species that was not seen since the start of the pandemic.
Bessent insisted on caution, both from the American public and from the American trading partners and gave a Stark -warning and the rates come into effect.
'Lean back, take deep breath, do not immediately take revenge. Let's see where this is going, because if you take revenge, that's how we get escalation, “Bessent told CNN.
In the end he advised other countries that 'doing something results would be unwise'.
“A trade war depends on the country. But don't forget that the history of the trade is that we are the country's deficiency. The country's shortage has an advantage. They are the surplus countries. Traditionally, the surplus countries always lose any form of trade escalation, “Bessent added.
Several countries have already said that they would be prepared for when the rates begin to respond to Trump's actions.
Treasury Secretary Scott Bessent (photo of the center) warned the trading partners of America that 'everything that would make a result would be unwise' in response to Donald Trump's tariff program
US shares fell in after-US trade after President Donald Trump had announced broad rates from 10 percent with much higher rates for certain countries
'As an economic history or professor in economic history, I would advise against' taking revenge.
Bessent's advice to stay calm can mirror what Trump is going to do, because he said that President's rates can be temporary and they 'wait and see how this is happening'.
The US president said his announcement of “Liberation Day” was an “explanation of economic independence.”
The White House announced a baseline 10 percent rate for all imports, with effect from 5 April, with higher rates for countries that impose steeper tasks on American goods.
Trump confirmed that from midnight in Washington a rate of 25 percent would be imposed on all foreign cars imported to the US.
Trump stopped a graph while spoke in the White House, which shows that the United States would charge a 34 percent tax on imports from China, a 20 percent tax on imports from the European Union, 25 percent in South Korea, 24 percent on Japan and 32 percent on Taiwan.
The president used aggressive rhetoric to describe a worldwide trading system that the United States helped to build after the Second World War and said: 'Our country has been looted, looted, raped, looted' by other nations.
Trump stated a national economic situation to launch the rates, which is expected to yield hundreds of billions in annual income.
The first of eight pages with mutual rates that the White House announced during Wednesday's event in the Rose Garden
He has promised that factory jobs will return to the United States as a result of taxes, but his policy risks a strict economic delay, because consumers and companies can be confronted with competitive price increases on cars, clothing and other goods.
“Taxpayers have been scammed for more than 50 years,” Trump said in comments in the White House. “But it's not going to happen anymore.”
The president started giving his speech through a sizzling tirade just after 4 p.m., and hit 'friend and foe' for 'subtract' America.
He condemned 'foreign scavengers'. And he spoke about other nations that the US and 'foreign cheaters' 'looted and looted' that 'looted' American factories.
It took almost 20 minutes for Trump to shared the tarief retails.
'For nations that treat us poorly, we will calculate the combined speed of all their rates, non-monetary barriers and other forms of cheating. And because we are very nice … we will charge them about half of what they charge us, “Trump said.
Trump then held up a big sign that showed the calculations.
While Trump went through the graph, he even hit some of the close allies of the US for charging import tax.
Vice President JD Vance (from the left), State Secretary Marco Rubio, Minister of Defense Pete Hegseeth and agricultural secretary Brooke Rollins watched while Trump made the announcement
“The European Union. They are very tough, very, very tough traders. You think of the European Union, very friendly. They tear us off. It is said to see. It's pathetic, “said Trump. “Thirty -nine percent, we're going to charge them 20 percent, so we're in particular charging them half.”
Trump called Vietnam “great negotiators” and said they were “great people.”
'They like me, I like them. The problem is that they charge us 90 percent. We are going to charge them 46 percent, “he said.
Trump destroyed Taiwan and said they have taken all our computer chips and semiconductors. '
Taiwan is charged 32 percent.
“Japan – whole, very tough, wonderful people,” Trump continued.
Japan will be hit with a rate of 24 percent.
Trump also said that India was 'very, very tough' while he complimented Prime Minister Narendra Modi as a 'great friend of mine'.
“But I said,” You are a friend of mine, but you are not treating us well, “Trump said, pointing out that India will now be charged 26 percent.
President Donald Trump holds a gigantic graph that shows some of the mutual rates. His administration is planning to accuse abroad. Each country will be charged at least a rate of at least 10 percent to import goods to the US
Bessent probably warned people like Mark Carney, the Prime Minister of Canada. Canada and Mexico were exempt from Wednesday's rate announcement, because the president already charged them 25 percent with the exception of the goods outlined in the trade agreement of Trump's first administration
The biggest rate will reach the African Nation Lesotho, at a speed of 50 percent.
Canada and Mexico were exempt from Wednesday's rate announcement, because the president already charged them 25 percent with the exception of the goods outlined in the trade agreement of the first administration of Trump.
'They all understand it, we might have to go through a bit of difficult love? But they all understand. They tear us off and they understood, “Trump said.
Trump had announced the rate announcement for weeks as 'Liberation Day', but until the event started, it seemed that some details were not fully elaborated.
Wall Street fears that the relocation will suffocate economic growth, yield inflation and the global stock markets will rattle further when trade resumes in Asia and Europe on Thursday.
The pension savings of most Americans, including 401 (K) s, are linked to the stock market performance. They are invested in shares and funds that follow the most important indices.
At 6.30 pm in After-URS Trade in New York, Futures that follow the S&P 500, fell by 2.3 percent, while one that is bound to the Nasdaq-100 Fund fell by 4.2 percent. A fund that follows the Dow Jones fell 2.3 percent.
Stocks Large importers took a hit on Wednesday. Nike fell 6 percent and General Motors fell by 3 percent. Companies that are already struggling in the midst of rates, such as Nvidia and Tesla, each lost around 3 percent. Five below fell by 11 percent, while GAP fell 12 percent.
Although the most important trade sessions of Wall Street end in New York at 4 p.m., traders can continue to buy and sell on the trade until 8 p.m. after the hours.
Furthermore, investors can trade the clock on futures contracts, except for a one-hour break that starts every day at 5 p.m. Futures follow the prices of large indexes such as the S&P 500, Nasdaq and Dow Jones, as well as gold and other raw materials.
Americans have already seen their pension funds a hit based on trade after hours and futures. If the prices do not recover, they are confronted with a bigger blow when the markets open in New York on Thursday at 9.30 am.
