Trump tariffs: Over 50 countries reach out to the US to negotiate, says economic council director

Trump tariffs: Over fifty countries have reportedly reached out to the US after President Donald Trump announced the tariffs. White House National Economic Council Director Kevin Hassett stated that the tariff policy will not impact American consumers significantly.

Hassett remarked that numerous countries are now approaching the US to negotiate, as they bear the brunt of the tariffs. “So, the fact is, the countries are angry and retaliating and, by the way, coming to the table. I got a report from the USTR last night that more than 50 countries have reached out to the president to begin a negotiation. But they're doing that because they understand that they bear a lot of the tariff. And so, I don't think that you're going to see a big effect on the consumer in the US because I do think that the reason why we have a persistent, long-run trade deficit is because these people have very inelastic supply. They've been dumping goods into the country in order to create jobs, say, in China,” Hassett told ABC News.

President Trump announced tariffs on nearly all US trading partners, with at least 10 per cent tariff on all imports and larger tariffs on certain countries. He imposed a 26 per cent tariff on India. This decision has led to a decline in global markets and retaliatory tariffs against the US. Critics and Democratic lawmakers have expressed concerns about a potential recession and the impact on US relations with allies.

Meanwhile, India is engaging in talks with the US to address the tariffs. An official mentioned that India is considering a clause in Trump's tariff order that could offer relief to trading partners taking steps to remedy trade imbalances. India believes it has an advantage in early negotiations compared to China, Vietnam, and Indonesia.

In a separate instance, just days after announcing a 46 per cent tariff on Vietnamese imports, Trump stated that Vietnam is keen on negotiating a deal to remove tariffs completely. Trump highlighted a productive call with Vietnam's General Secretary, who expressed willingness to reduce tariffs to zero if an agreement is reached.