More than 50 nations seek negotiation over Trump's global tariffs
President Trump's economic advisor, Kevin Hassett, reported that more than 50 countries have approached the White House for trade negotiations following the introduction of new tariffs. Meanwhile, Commerce Secretary Howard Lutnick suggests that the tariffs will remain in place despite significant intervention.
What do you need to know?
- More than 50 countries have requested trade negotiations with the White House after the Trump administration announced new tariffs.
- Commerce Secretary Howard Lutnick stresses that the tariffs are aimed at balancing trade, not just reducing them.
- There is conflicting information from those close to Donald Trump, particularly regarding the duration of the new tariffs.
They want to negotiate Trump's tariffs
President Trump's economic advisor, Kevin Hassett, told ABC News that more than 50 countries have approached the White House to negotiate after introducing new tariffs. In an interview, he emphasized that despite their dissatisfaction, these countries are willing to engage in talks. "So, the fact is, the countries are angry and retaliating and, by the way, coming to the table. I got a report from the [U.S. Trade Representative] last night that more than 50 countries have reached out to the president to begin a negotiation," Hassett said. He also assessed that consumers in the United States won't significantly feel the effects of the new tariffs.
Hassett also denied that Trump intends to trigger a stock market crash. This denial comes in response to suggestions from the president himself, who twice recently shared a video on social media claiming that it was his plan.
The Trump administration doesn't speak with one voice
On Sunday, Trump's ministers defended the decision to impose high tariffs on nearly all goods from almost every country globally. However, they did not speak with a unified voice, especially when fielding questions on how long the new tariffs might last and whether the president is willing to reduce them through negotiations.
When asked about this, Treasury Secretary Scott Bessent said in an interview with NBC that "we'll see what other countries offer and if it's credible." Meanwhile, Commerce Secretary Howard Lutnick suggested that the tariffs could remain for an extended period. In an interview with CBS, he stated that the goal is to "reset U.S. strength." Lutnick cited the example of Vietnam, which is subject to a 46-percent tariff but recently offered to eliminate tariffs. He emphasized that the administration is interested in lowering tariffs, balancing trade, and encouraging other countries to buy products from the United States.
Tariffs on uninhabited islands
Lutnick was also asked why the White House's list of rates for individual countries included uninhabited islands like Australia's Heard and McDonald Islands. The minister explained that it was necessary to include all territories to prevent countries from sidestepping tariffs by redirecting trade through these territories. However, the list omitted several countries and regions, including Russia, Belarus, Burkina Faso, Cuba, Somalia, and Greenland.
Earlier, Hassett stated that Russia was not included in the list due to negotiations concerning the war in Ukraine. However, Ukraine itself was included and received a minimal 10 percent rate. According to the formula used by the White House to calculate tariffs, goods from Russia should be subjected to a 42 percent tariff.
