More than 50 countries targeted by President Donald Trump's new tariffs have reached out to begin discussions on the massive import duties that have roiled financial markets and reshaped the global trading system, senior U.S. administration officials said Sunday.
Tariff increases will begin on Wednesday, ushering in a new era of economic uncertainty with no clear exit in sight.
US Treasury Secretary Scott Bessent noted that unfair trade practices are “not something that can be resolved in a couple of days or weeks.”
He added that the United States must figure out “what countries can offer and how reliable it is.”
President Trump, who spent the weekend golfing in Florida, tweeted: “WE WILL WIN. HOLD ON, it's going to be tough.”
Members of his team and economic advisers on Sunday vigorously defended the tariffs and downplayed the negative impact on the global economy.
“It’s not necessarily a recession. Who knows how the market will react in a day or a week?” Mr. Bessent said. “We’re focused on building long-term foundations for economic prosperity.”
Mr Trump's sweeping tariffs, announced on April 2, fulfilled a major campaign promise as he moved without Congress to overhaul international trade rules.
The decision has been in Trump's mind for years, as he has long criticized foreign trade agreements as unfair to the United States.
He hopes voters will be willing to put up with higher prices on everyday goods to achieve his economic vision.
Countries are looking for ways to respond to the new tariffs, and China and other nations are quickly taking countermeasures.
The administration's top economic adviser, Kevin Hassett, noted that other countries are “unhappy and retaliating” and, he said, “by the way, they are starting to negotiate.”
He cited information from the Office of the US Trade Representative that more than 50 countries had approached the White House with a proposal to begin discussions.
To make matters worse, the new tariffs affect both US allies and adversaries, including Israel, which faces a 17% tariff.
Israeli Prime Minister Benjamin Netanyahu plans to visit the White House on Monday, and his office said the tariffs would be a topic of discussion with Mr. Trump, along with the Gaza war and other issues.
Another U.S. ally, Vietnam, a major textile manufacturing center, has also approached the administration about
Sourse: breakingnews.ie
