Trump's tariff storm: Over 50 nations seek negotiation
President Trump's economic adviser, Kevin Hassett, reported that more than 50 countries have approached the White House for trade negotiations after the introduction of new tariffs. Meanwhile, Commerce Secretary Howard Lutnick suggests that the tariffs will remain in place despite mass intervention.
What do you need to know?
- More than 50 countries have asked the White House for trade negotiations following the Trump administration's announcement of new tariffs.
- Commerce Secretary Howard Lutnick emphasises that the tariffs are aimed at balancing trade, not just lowering them.
- Those close to Donald Trump are providing conflicting information, especially regarding how long the new tariffs might remain in place.
They want to negotiate Trump's tariffs
President Trump's economic adviser, Kevin Hassett, informed ABC News that more than 50 countries have approached the White House for negotiations after introducing new tariffs. In an interview, he emphasised that despite dissatisfaction, these countries are ready to talk. "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 US won't significantly feel the effects of the new tariffs.
Hassett also denied that Trump wants to cause a stock market crash. This denial comes against 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 worldwide. However, they did not speak with one voice, especially when answering questions about how long the new tariffs might last and whether the president will reduce them through negotiations.
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 longer. In an interview with CBS, he stated that the goal is to "reset US strength." Lutnick cited the example of Vietnam, which is to be subjected to a 46 per cent tariff, but recently offered to eliminate tariffs, down to zero. He emphasised that the administration is interested in lowering tariffs, balancing trade, and encouraging other countries to buy products from the US.
Tariffs on uninhabited islands
Lutnick was also asked why the White House's list of tariffs for individual countries also included uninhabited islands like Australia's Heard and McDonald Islands. The minister stated that it was necessary to include all territories to prevent countries from avoiding tariffs by redirecting trade through these territories. However, the list actually omitted several countries and territories, 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, though it received a minimal 10 per cent rate. According to the formula used by the White House to calculate tariffs, goods from Russia should be subjected to a 42 per cent tariff.
