More than 50 nations have approached the White House to initiate trade negotiations following the recent imposition of sweeping punitive tariffs by US President Donald Trump, according to senior administration officials.
The tariffs, which came into effect over the weekend, mark a significant shift in US trade policy, effectively rejecting the post-World War II system of negotiated tariff structures. The initial 10 percent “baseline” tariff now applies at all US seaports, airports, and customs warehouses, with additional “reciprocal” tariffs expected to follow on Wednesday.
Markets responded swiftly and sharply. The US stock market suffered a staggering $6 trillion drop in value last week, and global markets followed suit. Economists and analysts have expressed growing concerns over the potential for a wider economic downturn, particularly amid escalating fears of a global trade war.
Despite market turmoil and warnings from major financial institutions, the Trump administration has defended its strategy. Treasury Secretary Scott Bessent appeared on multiple Sunday morning talk shows, insisting that the tariffs have already yielded results. According to Bessent, more than 50 countries have sought to open trade talks with the US since the announcement last Wednesday. While he did not name the countries, he emphasized that the tariffs have given President Trump “maximum leverage.”
Among the countries confirmed to be seeking negotiations are Taiwan, Israel, India, and Italy. Taiwan’s leader Lai Ching-te proposed a zero-tariff framework as a starting point for discussions, while Israeli Prime Minister Benjamin Netanyahu requested relief from a newly imposed 17 percent tariff on Israeli exports to the US.
Bessent downplayed fears of a recession, pointing instead to stronger-than-expected domestic job growth. However, analysts remain skeptical. JPMorgan economists have revised their US GDP growth forecast downward—from a 1.3 percent increase to a 0.3 percent contraction—citing the broad impact of the tariffs and retaliatory measures from other countries, including China.
The administration has also faced criticism over how the tariffs are being applied. Reports emerged that duties have been imposed on imports from remote and uninhabited territories, raising questions about the strategy’s execution. Commerce Secretary Howard Lutnick defended the move, claiming it prevents loopholes that could be exploited to bypass US trade barriers.
