Washington (TDI): More than 50 countries have directly contacted the White House to initiate trade negotiations following US President Donald Trump’s imposition of sweeping tariffs, administration officials have said.
The tariffs, which caused a nearly $6 trillion drop in American stock values last week and battered world markets, have drawn global attention and sparked fears of a potential economic downturn.
But the Trump administration has downplayed that and possible further catastrophic economic fallout.
Meanwhile, investors nervously awaited the open of US trading after Wall Street’s selloff last week, expecting another week of turbulence as other countries react.
In a series of Sunday-morning talk show interviews, Trump’s top economic advisers defended the levies, terming them as a strategic measure to strengthen the US position in international trade.
Read More: Global Stock Markets Nosedive on Tariff Fallout
Treasury Secretary Scott Bessent revealed that more than fifty countries had started talks with the US since the tariffs were announced on Wednesday, but did not disclose the nations involved.
Bessent claimed the levies gave Trump “maximum leverage,” though their impact on the American economy remains uncertain.
He dismissed concerns about a recession, citing unexpectedly strong job growth in the United States.
Trump’s massive tariffs came into effect on Saturday.
The initial 10% “baseline” tariff took effect at US seaports, airports and customs warehouses, ushering in Trump’s full rejection of the post-World War Two system of mutually agreed tariff rates.
Despite this, economists have warned that the levies could lead to a decline in US gross domestic product, with JPMorgan economists revising their growth forecast from a 1.3% increase to a 0.3% decrease.
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The tariffs, aimed at pressuring foreign governments to make concessions, have also triggered retaliatory measures, including massive ones from China.
American allies like Taiwan, Israel, India, and Italy have already expressed interest in talking with the US to avoid the tariffs.
