Fort Lauderdale, Florida (AP) – senior administration officials said on Sunday that more than 50 countries targeted by the new prices of President Donald Trump had contacted negotiations on radical import taxes that sent financial markets in shock, raised fears of a recession and overthrew the global negotiation system.
WATCH: What to know about the effect of Trump’s prices on globalization
The higher rates should be collected from Wednesday, inaugurating a new era of clear -clear economic uncertainty in sight. The Treasury Secretary, Scott Bessent, said that unfair commercial practices are not “the kind of thing you can negotiate in days or weeks”. The United States, he said, must see “what countries offer and if it is credible”.
Trump, who spent the weekend in Florida playing golf, posted online that “we will win. Hanging, it won’t be easy. ” Its members of the cabinet and economic advisers were in force on Sunday to defend the prices and minimize the consequences for the global economy.
“There must not be a recession. Who knows how the market will react in a day, in a week? ” Said Bessent. “What we are considering is to build the long -term economic fundamentals of prosperity.”
Trump’s Blitz rate, announced on April 2, held a key campaign promise while it was acting without the congress to redraw the rules of world trade. It was a decades decision in the creation of Trump, which has long denounced foreign trade agreements as unfair to the United States, he played that voters will be ready to bear higher prices for daily articles in order to promulgate his economic vision.
Countries rush to understand how to react to prices, China and other responses quickly.
The top economic adviser of the White House, Kevin Hassett, recognized that other countries were “angry and retaluated” and, he said, “by the way, coming to the table”. He cited the office of the US trade representative as noted that more than 50 nations had contacted the White House to start talks.
Adding to turmoil, the new prices strike the American allies and adversaries, including Israel, which faces a rate of 17%. Israeli Prime Minister Benjamin Netanyahu is expected to visit the White House and speak at a press conference with Trump on Monday, his office saying that prices would be a point of discussion with Trump with the war in Gaza and other questions.
Another American ally, Vietnam, a large clothing manufacturing center, was also in contact with the administration on prices. Trump said that the chief of Vietnam said during a telephone call that his country “wanted to reduce their prices to zero if they were able to conclude an agreement with the United States” and a key European partner, the first first Giorgia Meloni, said that she was disagreeing with the Trump movement, but was “ready to deploy all the tools – negotiation and economic – necessary to support our businesses and sectors that can be penalized.
Find out more: A chronology of Trump’s pricing actions so far
Commerce secretary, Howard Lux, clearly said that there was no postponement rate that is in days.
“The prices are coming. Of course, they are,” he said, adding that Trump needed to reset world trade. But he only undertook to make them “definitively” “for days and weeks”.
In Congress, where Trump’s republican party has long defended free trade, the pricing regiment was greeted by applause but also significant discomfort.
Several Republican senators have already signed a new bipartite bill which would force the presidents to justify new prices in the congress. The legislators should then approve the prices within 60 days, or they would expire. The GOP representative of Nebraska, Don Bacon, said on Sunday that he would present a house version of the bill, saying that the congress should restore its powers on the prices.
“We have given part of this power to the executive branch. I think, with hindsight, it was a mistake,” said Bacon, adding that obtaining a measure adopted would be difficult unless the financial markets continue to react negatively and other indicators such as inflation and unemployment.
John Barrasso of Wyoming, member No. 2 of the management of the GOP of the Senate, said that Trump “did what he has the right to do.” But, “he admitted,” there are concerns, and there are concerns across the country. People look at the markets. “
“There will be a discussion in the Senate,” said Barrasso about prices. “We will see in what direction the discussion takes place.”
The Trump cost cup guru, the billionaire, Elon Musk, was relatively silent on Trump’s prices, but said during a weekend event in Italy that he would like to see the United States and Europe to “a zero-breading situation”. Tesla’s owner’s comment, who heads the Trump government ministry, attracted a reprimand from the White House sales advisor Peter Navarro.
“Elon, when he’s on his Dogeus, is great. But we understand what’s going on here. We just have to understand. Elon sells cars,” said Navarro. He added: “He simply protects his own interest as any businessman would do.”
Lawrence Summers, an economist who was secretary of the Treasury of Democratic President Bill Clinton, said that Trump and his economic team sent contradictory messages if they say they are interested in relaunching manufacturing while being open to negotiations with business partners.
If other countries eliminate their prices, and the United States too, it said: “It’s just to conclude an agreement, then we will not annoy income and that we are not moving to the United States. If it is a permanent source of income and trying to bring companies to move to the United States, then we will have these prices permanently. So the president cannot have the two means. ”
Bessent was on “Meet the press” by NBC, Hassett and Summers appeared on “This Week” by ABC, Lunick and Barrasso were on “Face The Nation” by CBS and Navarro was interviewed on “Sunday Morning Futures” by Fox News Channel.
The writers of the Associated Press Giada Zampano in Rome and Fatima Hussein in Jupiter, Florida, contributed to this report.
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