Trump’s secretary issues threat against countries considering retaliating to major tariff increases

Countries who may be considering retaliating against Donald Trump's latest barrage of tariffs have been urged to 'take a deep breath' by his top economic advisor.

US Treasury Secretary Scott Bessent has urged nations around the world to cool their jets, rather than come out all guns blazing.

He warned that those who did not comply with this suggestion would feel the wrath of Uncle Sam even further, making the 10 per cent tariffs slapped on most countries look like child's play.

And this is coming from the bloke who's job is to serve as the principal advisor to the President on all matters pertaining to 'domestic and international financial, economic, and tax policy'.

Bessent made some fiery remarks about how other countries might react last night (2 April).

It came shortly after Trump's 'Liberation Day' tariffs were revealed yesterday, which are set to cause an economic ripple effect that will be felt across the globe.

Pretty much every nation on the list has been stung with a tariff of at least 10 per cent, including the UK, while the European Union got double the damage with a 20 percent tariff.

But it was the likes of China which got the brunt of it, with tariffs that could rise to a whopping 54 percent.

The nation said they weren't about to take this lying down, however, as the country's Ministry of Commerce said it will 'resolutely take countermeasures'.

The US Treasury Secretary warned there would be further 'escalation' if countries retaliate against Trump's latest tariffs (SAUL LOEB/AFP via Getty Images)

The statement shared by the Ministry of Commerce this morning said: "China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests.

"The United States has drawn the so-called ‘reciprocal tariffs’ based on subjective and unilateral assessments, which is inconsistent with international trade rules and seriously damages the legitimate rights and interests of relevant parties," while describing Trump's actions as 'typical unilateral bullying practice'.

But amid the threat of the US getting a taste of its own medicine, Bessent urged the world to exercise some restraint.

"Doing anything rash would be unwise," the Treasury Secretary told CNN. "Sit back, take a deep breath, don’t immediately retaliate. Let’s see where this goes, because if you retaliate, that’s how we get escalation."

He reiterated this warning in an interview with Fox News' Bret Baier too, saying: "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. If you don’t retaliate, this is the high-water mark."

Bessent told nations to 'sit back' and 'take a deep breath' for the time being (Andrew Harnik/Getty Images)

China isn't the only country who is getting its ducks in a row, as Norway's minister of trade and industry, Cecilie Myrseth, told NRK: "We are doing the calculations and looking through what has come."

Ursula von der Leyen, the President of the European Commission, also said the bloc has a 'strong plan' to hit back at the US.

The full list of tariffs:

• China: 34% (though it will be 54% as it will stack with other US tariffs on China)
• European Union: 20%
• Vietnam: 46%
• Taiwan: 32%
• Japan: 24%
• India: 26%
• South Korea: 25%
• Thailand: 36%
• Switzerland: 31%
• Indonesia: 32%
• Malaysia: 24%
• Cambodia: 49%
• United Kingdom: 10%
• South Africa: 30%
• Brazil: 10%
• Bangladesh: 37%
• Singapore: 10%
• Israel: 17%
• Philippines: 17%
• Chile: 10%
• Australia: 10%
• Pakistan: 29%
• Turkey: 10%
• Sri Lanka: 44%
• Colombia: 10%
• Peru: 10%
• Nicaragua: 18%
• Norway: 15%
• Costa Rica: 10%
• Jordan: 20%
• Dominican Republic: 10%
• United Arab Emirates: 10%
• New Zealand: 10%
• Argentina: 10%
• Ecuador: 10%
• Guatemala: 10%
• Honduras: 10%
• Madagascar: 47%
• Myanmar: 44%
• Tunisia: 28%
• Kazakhstan: 27%
• Serbia: 37%
• Egypt: 10%
• Saudi Arabia: 10%
• El Salvador: 10%
• Côte d’Ivoire: 21%
• Laos: 48%
• Botswana: 37%
• Trinidad and Tobago: 10%
• Morocco: 10%
• Algeria: 30%
• Oman: 10%
• Uruguay: 10%
• Bahamas: 10%
• Lesotho: 50%
• Ukraine: 10%
• Bahrain: 10%
• Qatar: 10%
• Mauritius: 40%
• Fiji: 32%
• Iceland: 10%
• Kenya: 10%
• Liechtenstein: 37%
• Guyana: 38%
• Haiti: 10%
• Bosnia and Herzegovina: 35%
• Nigeria: 14%
• Namibia: 21%
• Brunei: 24%
• Bolivia: 10%
• Panama: 10%
• Venezuela: 15%
• North Macedonia: 33%
• Ethiopia: 10%
• Ghana: 10%
• Moldova: 31%
• Angola: 32%
• Democratic Republic of the Congo: 11%
• Jamaica: 10%
• Mozambique: 16%
• Paraguay: 10%
• Zambia: 17%
• Lebanon: 10%
• Tanzania: 10%
• Iraq: 39%
• Georgia: 10%
• Senegal: 10%
• Azerbaijan: 10%
• Cameroon: 11%
• Uganda: 10%
• Albania: 10%
• Armenia: 10%
• Nepal: 10%
• Sint Maarten: 10%
• Falkland Islands: 41%
• Gabon: 10%
• Kuwait: 10%
• Togo: 10%
• Suriname: 10%
• Belize: 10%
• Papua New Guinea: 10%
• Malawi: 17%
• Liberia: 10%
• British Virgin Islands: 10%
• Afghanistan: 10%
• Zimbabwe: 18%
• Benin: 10%
• Barbados: 10%
• Monaco: 10%
• Syria: 41%
• Uzbekistan: 10%
• Republic of the Congo: 10%
• Djibouti: 10%
• French Polynesia: 10%
• Cayman Islands: 10%
• Kosovo: 10%
• Curaçao: 10%
• Vanuatu: 22%
• Rwanda: 10%
• Sierra Leone: 10%
• Mongolia: 10%
• San Marino: 10%
• Antigua and Barbuda: 10%
• Bermuda: 10%
• Eswatini: 10%
• Marshall Islands: 10%
• Saint Pierre and Miquelon: 50%
• Saint Kitts and Nevis: 10%
• Turkmenistan: 10%
• Grenada: 10%
• Sudan: 10%
• Turks and Caicos Islands: 10%
• Aruba: 10%
• Montenegro: 10%
• Saint Helena: 10%
• Kyrgyzstan: 10%
• Yemen: 10%
• Saint Vincent and the Grenadines: 10%
• Niger: 10%
• Saint Lucia: 10%
• Nauru: 30%
• Equatorial Guinea: 13%
• Iran: 10%
• Libya: 31%
• Samoa: 10%
• Guinea: 10%
• Timor-Leste: 10%
• Montserrat: 10%
• Chad: 13%
• Mali: 10%
• Maldives: 10%
• Tajikistan: 10%
• Cabo Verde: 10%
• Burundi: 10%
• Guadeloupe: 10%
• Bhutan: 10%
• Martinique: 10%
• Tonga: 10%
• Mauritania: 10%
• Dominica: 10%
• Micronesia: 10%
• Gambia: 10%
• French Guiana: 10%
• Christmas Island: 10%
• Andorra: 10%
• Central African Republic: 10%
• Solomon Islands: 10%
• Mayotte: 10%
• Anguilla: 10%
• Cocos (Keeling) Islands: 10%
• Eritrea: 10%
• Cook Islands: 10%
• South Sudan: 10%
• Comoros: 10%
• Kiribati: 10%
• São Tomé and Príncipe: 10%
• Norfolk Island: 29%
• Gibraltar: 10%
• Tuvalu: 10%
• British Indian Ocean Territory: 10%
• Tokelau: 10%
• Guinea-Bissau: 10%
• Svalbard and Jan Mayen: 10%
• Heard and McDonald Islands: 10% (these are uninhabited, by the way)
• Réunion: 37%