More than 50 countries have reached out to the White House to open trade discussions in response to the extensive tariffs imposed by President Donald Trump, according to administration officials.

These tariffs, which have caused a significant decline in US stock values—around $6 trillion last week—and severely impacted global markets, have attracted widespread international concern. 

While fears of an economic downturn loom, the Trump administration has downplayed these risks and the possibility of further economic damage.

As investors anxiously await the reopening of US markets following last week's Wall Street selloff, global markets brace for more volatility, particularly as Asian exchanges prepare for a turbulent day.

In recent interviews, Trump’s key economic advisers defended the tariffs as a strategic move to bolster the US's position in global trade. 

Treasury Secretary Scott Bessent revealed that more than 50 countries have initiated talks with the US since the tariffs were enacted on Wednesday, though he refrained from naming the nations involved.

Bessent argued that the tariffs provided Trump with "maximum leverage," despite the unclear effects on the US economy. He dismissed fears of a recession, pointing to robust job growth figures as a counterpoint.

The tariffs, which began on Saturday, introduced an initial 10% levy at US ports, airports, and customs facilities, signaling a rejection of the post-WWII system of agreed-upon tariffs.

Economists, however, have warned that these tariffs could negatively affect US GDP, with JPMorgan revising its growth forecast from a 1.3% increase to a 0.3% decrease. 

Retaliatory tariffs, including heavy measures from China, have stoked fears of a global trade war. US allies such as Taiwan, Israel, India, and Italy have already sought negotiations to avoid further tariffs.

Source: Al Jazeera 

BDST: 1416 HRS, APR 07, 2025
SMS