More than 50 countries have directly contacted the White House to initiate trade talks following US President Donald Trump’s imposition of wide-ranging punitive tariffs, administration officials have said,
Al Jazeera reports.
The tariffs, which caused a nearly $6 trillion drop in US stock values last week and battered global markets, have drawn worldwide attention and sparked fears of a potential economic downturn. But the Trump administration has downplayed that and potential further catastrophic economic fallout.
In the meantime, investors nervously awaited the open of US trading after Wall Street’s selloff last week, anticipating another week of turbulence as other nations react. Asian markets will open in the coming hours and expect a rocky day.
In a series of Sunday-morning talk show interviews, Trump’s top economic advisers defended the tariffs, describing them as a strategic move to strengthen the US position in global trade.
Treasury Secretary Scott Bessent revealed that more than 50 nations had begun negotiations with the US since the tariffs were announced on Wednesday, but did not disclose the countries involved.
Bessent claimed the tariffs gave Trump “maximum leverage,” though their impact on the US economy remains uncertain. He dismissed concerns about a recession, citing unexpectedly strong job growth in the US.
Trump’s wide-ranging tariffs came into effect on Saturday.
The initial 10 percent “baseline” tariff took effect at US seaports, airports and customs warehouses, ushering in Trump’s full rejection of the post-World War II system of mutually agreed tariff rates.
