While Trump indicated the tariffs are likely to remain in place, he did express a willingness to strike new trade deals.
A White House advisor said that over 50 nations have contacted President Donald Trump’s administration to discuss potential tariff agreements as they seek relief. « They’re doing that because they understand that they bear a lot of the tariff », National Economic Council Director Kevin Hassett said on Sunday.
Last week, the president imposed a 10 percent ‘baseline’ tariff on every country that trades with the United States. The policy sent shockwaves through global markets, leading to a loss of over $5 trillion in value from the S&P 500 in just a few days. Other major U.S. stock indexes also took major hits, with the tech-heavy Nasdaq now having entered bear market.
Trump Plans Fall in Place
The president revealed that even steeper tariffs would target countries with large trade imbalances with the U.S., labeling them as the « worst offenders. » While Trump indicated the tariffs are likely to remain in place, he did express a willingness to strike new trade deals.
