In a significant new development, over 50 countries have have now reportedly reached out to negotiate trade deals with the United States following President Donald Trump’s announcement of his “Liberation Day” tariffs.
This strategy, which includes baseline tariffs of 10% and rates as high as 50%, aims to address trade imbalances and has reportedly begun yielding results.
White House National Economic Council Director Kevin Hassett shared insights on ABC’s “This Week,” revealing that these nations recognize they are significantly impacted by the tariffs.
He dismissed concerns about substantial effects on U.S. consumers, arguing that the persistent trade deficit is influenced by foreign suppliers dumping goods to create jobs in their countries, such as China.
According to Hassett, this has limited the potential impact on American consumers.
On NBC’s “Meet The Press,” Treasury Secretary Scott Bessent echoed the sentiment, emphasizing that Trump’s firm stance has given him maximum leverage in negotiations.
Countries are keen to discuss reducing tariffs, addressing non-tariff trade barriers, and halting currency manipulation.
White House Senior Counselor for Trade and Manufacturing, Peter Navarro, highlighted the seriousness of the situation, framing it as a national emergency arising from unchecked trade deficits and unfair practices.
He urged nations to move beyond simple tariff reductions to tackle issues like currency manipulation and unfair agricultural standards.
Despite stock market fluctuations attributed to concerns over rising consumer prices amidst an escalating trade war, Trump encouraged Americans to remain resolute.
He stated that the U.S. is experiencing unprecedented job and business growth, claiming over $5 trillion in investments as evidence of an economic revolution that will ultimately benefit the nation.
[READ MORE: China Responds With 34 Percent Tariff in Response to Trump’s ‘Liberation Day’]
