Russia not affected by tariffs because US doesn't trade with it anyway, US Treasury Secretary says

Russia and Belarus face no new tariffs because sanctions already halt trade, U.S. Treasury Secretary Scott Bessent told Fox News.

"We don’t trade with Russia and Belarus because of sanctions," Bessent said, responding to a reporter’s question.

However, Fox News pointed out that the U.S. Trade Representative’s Office pegged 2024 U.S.-Russia trade at roughly $3.5 billion.

Government data shows U.S. exports to Russia hit $526.1 million in 2024, down 12.3% from 2023, while imports from Russia reached $3 billion, a 34.2% drop from the prior year.

Bessent also urged tariffed countries to hold off on retaliation.

"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," he said.

Bessent framed the tariffs as a foundation for long-term U.S. economic growth, aiming to "put ourselves back onto a sound trajectory."

The administration stated, "These tariffs will remain until President Trump determines the threat posed by the trade deficit and underlying unfair treatment is addressed, resolved, or mitigated."

On March 13, Donald Trump threatened the European Union with 200% duties on wine unless it drops its whiskey tariff.

On March 24, he warned of tariffs on nations buying Venezuelan oil.

On March 27, he ordered a 25% tariff on imported cars—effective April 3—and auto parts, set to start by May 3, while cautioning U.S. automakers against price hikes.

On March 31, he floated secondary oil tariffs on Russia if it rejects a Ukraine ceasefire.