Treasury Secretary Scott Bessent on Wednesday urged countries who have been targeted by Donald Trump’s sweeping new tariffs not to retaliate.

Otherwise, it could escalate tensions further, he warned.

“My advice to every country right now is, do not retaliate,” Bessent told Fox News anchor Bret Baier. “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.”

Baier had earlier noted: “People are looking at their 401(k)s and they worry about it. What do you say to them tonight?”

In response, Bessent argued the tariff policy was part of the Trump administration’s setting the stage for “long-term economic growth.”

Bessent last month admitted “there are no guarantees” that the U.S. will not be plunged into recession during Trump’s second term.