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Over 50 nations seek trade talks with US following tariff move: Donald Trump officials
Donald Trump advisers called tariffs a smart move in global trade, downplaying concerns ahead of a possibly shaky start to Asian markets on Monday.
Top US officials on Sunday defended sweeping new tariffs rolled out by President Donald Trump, saying more than 50 nations have reached out to the White House to begin trade talks, even as the levies wiped out nearly $6 trillion in value from US stocks last week and raised concerns over economic fallout.
Amid concerns over a shaky start to Asian stock markets on Monday, Donald Trump’s top economic advisers on Sunday morning talk shows sought to portray the tariffs as a savvy repositioning of the US in the global trade order.
They also tried to minimise the economic shocks from last week’s tumultuous rollout.
Claiming strong global interest following the tariff announcement, treasury secretary Scott Bessent said more than 50 nations had started negotiations with the US since last Wednesday’s announcement, putting Trump in a position of power.
While Bessent and other officials did not name the countries or share details about the talks, the prospect of negotiating with multiple nations at once could present a logistical challenge for the Trump administration and extend economic uncertainty.
“He's created maximum leverage for himself,” Bessent said on NBC News' 'Meet the Press.'
Citing stronger-than-anticipated US jobs growth, Bessent downplayed the stock market drop and said there was "no reason" to anticipate a recession based on the tariffs.
Trump’s tariff move prompts global retaliation
The announcement of broad tariffs on US imports by Trump jolted economies around the world, triggering retaliatory levies from China and sparking fears of a global trade war and recession.
Revising their earlier outlook, JPMorgan economists now estimate the tariffs will result in full-year US gross domestic product declining by 0.3 per cent, down from an earlier estimate of 1.3 per cent growth, and that the unemployment rate will climb to 5.3 per cent from 4.2 per cent now.
While spending the weekend in Florida, the Republican president played golf and posted a video of his swing to social media on Sunday, as investors girded for the opening of stock markets in Asia.
With Reuters inputs
