Tariffs have been widely criticized worldwide for threatening to push the global economy into recession.
Administration officials have said that more than 50 countries have approached the White House directly to start a business talks after US President Donald Trump imposed extensive punitive tariffs.
Tariff, which last week, caused a decline of about $ 6 trillion in American stock values and defeated global markets, attracted attention around the world and feared a possible economic recession. But the Trump administration has reduced that and potentially horrific economic decline.
Meanwhile, investors waited for the open of US trading after Wall Street’s celloff last week, fearing another week of unrest as a reaction from other nations. The Asian markets will open in the coming hours and expect a rocky day.
In a series of talk show interviews on Sunday-morning, Trump’s top economic advisors defended tariffs, describing them as a strategic move to strengthen American status in global trade.
Treasury Secretary Scott Besent revealed that more than 50 countries had started talking with the US since the announcement of the tariff on Wednesday, but did not disclose the countries involved.
Besent claimed that Tariff gave Trump “maximum leviation”, although his impact on the US economy remains uncertain. He dismissed concerns about a recession, citing an unexpectedly strong job increase in the US.
Trump’s extensive tariffs came into force on Saturday.
The initial 10 percent “baseline” tariff initiated the complete rejection of the second system of World War II of tariff rates effectively effectively agreed in US CIPLES, airports and customs warehouses.
US GDP declines
Despite this, economists have warned that tariffs may decline in American GDP (GDP), JP Morgan Economists modified their development forecast with a decrease of 0.3 percent.
In order to pressurize foreign governments to give concessions, Tariff has also triggered a ventilative levy including heavy people from China, which increases the possibility of a global trade war.
American colleagues like Taiwan, Israel, India and Italy have already expressed interest in interacting with the US to avoid tariffs.
Taiwan leader Lai Ching-Tea offered zero tariffs as the basis of talks, while Israeli Prime Minister Benjamin Netanyahu sought relief from 17 percent tariff on Israeli goods.
Meanwhile, the US continues to implement tariffs, expected to be effective on Wednesday with high “mutual” duties.
Critics have expressed concern over the method used to determine tariffs, especially when they were implemented in some distant, uninhabited areas.
Commerce Secretary Howard Lutnik defended the strategy, claiming that its purpose was to prevent countries from ignoring tariffs with flaws.
