Bloomberg Talks Treasury Secretary Scott Bessent Talks New Global Tariffs
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Apr 2, 2025 
Treasury Secretary Scott Bessent shared his insights on the newly announced global tariffs, proposing that retaliatory measures from other countries would be counterproductive. He highlighted the complexities of negotiations with key partners like China and the European Union, discussing how these tariffs could impact critical issues like the fentanyl crisis and manufacturing jobs. Bessent also touched on consumer sentiment amid inflation concerns and the urgent negotiations with Ukraine over minerals, showcasing the intricate global economic landscape.
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Advice Against Retaliation
- Scott Bessent advises countries not to panic or retaliate against new US tariffs.
- He suggests this is the highest the tariffs will go unless there is retaliation.
China's High Tariff Rate
- China faces a combined tariff rate exceeding 50% due to various factors.
- This includes the new baseline tariff, reciprocal tariffs, and the existing fentanyl tariff.
Clarification on "Detox Period"
- Bessent clarifies that the "detox period" refers to reducing government spending, not tariffs.
- He emphasizes the need to decrease public sector borrowing and increase private sector activity.