Top administrative officials said on Sunday that more than 50 countries have approached the White House to start trade talks since US President Donald Trump imposed new tariffs. The US stock market was badly demolished due to the tariff.
At the talk show on Sunday morning, Trump’s top economic advisors attempted to depict Tariff as a wisely re -establishment of the US in the global trade system. He also tried to reduce the economic shocks from the upheaval filled rollouts of last week before the expected ups and downs of the Asian stock markets on Monday.
Treasury Secretary Scott Besent said that since last Wednesday’s announcement, more than 50 countries have started talking with the US, which has given Trump strength. However, Besant and other officials have not mentioned the names of the countries. Nor gave detailed information about talks. But interacting with many countries simultaneously can become a challenge for the Trump administration and can increase economic uncertainty.
In NBC News program ‘Meat the Press’, Besant said, ‘He has earned maximum profit for himself.’
‘Recession due to tariff …’
Besent, while undergoing less, the decline in the stock market, said that there is no reason to feared a slowdown on the basis of tariffs, he cited more increase than employment growth in the US.
Trump declared a wide tariff on American imports and shook the economies around the world, imposing retaliation from China and feared global trade war and recession.
Custom agents started collecting tariffs
American custom agents on Saturday began to recover Trump’s unilateral 10% tariff on all imports from several countries. High ‘reciperook’ tariff rates ranging from 11% to 50% on different countries are going to be implemented from EDT (GMT) at 12:01 pm on Wednesday. However, some countries have expressed a desire to interact with the US to avoid tariffs.
Taiwan President Lai Ching-Te on Sunday made the tariff released for talks with the US, assured to remove the trade barrier and said that Taiwanese companies will increase their investment in America.
Israeli Prime Minister Benjamin Netanyahu said that he would demand relief from 17% tariffs on the country’s goods during the meeting with Trump on Monday.
India is not planning to retaliate
Similarly, an official of the Government of India told the Reuters that the country is not planning to retaliate against 26% tariffs. The official said that talks are going on with the US for a possible agreement.
At the same time, JP Morgan’s economists estimate that the tariff will result in a decline of 0.3% in the GDP for the whole year, lower than the earlier 1.3% increase, and the unemployment rate will increase from 4.2% to 5.3%.
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