More than 50 countries have reached out to the White House to hold trade negotiations after Trump’s introduction of wide-ranging tariffs, according to administration officials.
The tariffs, which led to a $6 trillion fall in US stocks and negatively impacted global markets, have garnered significant international attention and raised fears of an economic downturn. However, the Trump administration has dismissed these concerns and the possibility of further economic implications.
Investors are anxiously waiting for the opening of US trading in the wake of Wall Street’s recent sell-off, anticipating more market volatility as other nations respond. Asian markets are set to open soon and are expecting a challenging day.
In a series of interviews on Sunday morning talk shows, Trump’s top economic advisors defended the tariffs, arguing that they are a strategic move to strengthen the US’s position in international trade.
Treasury Secretary Scott Bessent revealed that over 50 nations have initiated negotiations with the US following the announcement of the tariffs, although he did not disclose the specific countries involved.
Bessent claimed that the tariffs provide Trump with “maximum leverage,” despite the uncertainty of their impact on the US economy. He dismissed concerns about a recession, pointing to unexpectedly strong job growth in the US.
Trump’s comprehensive tariffs came into effect on Saturday, marking a clear departure from the post-World War II system of negotiated tariff rates. A baseline tariff of 10 percent was implemented at US seaports, airports, and customs warehouses.

A decline in US GDP

Despite this, economists have cautioned that the tariffs could lead to a decline in US gross domestic product (GDP), with JPMorgan economists revising their forecast from a 1.3 percent growth to a 0.3 percent decrease.
The tariffs, aimed at pressuring foreign governments to make concessions, have also triggered retaliatory measures. This includes significant tariffs imposed by China, fueling fears of a global trade war.
US allies such as Taiwan, Israel, India, and Italy have expressed interest in negotiating with the US to avoid the tariffs.
Taiwan’s leader Lai Ching-te proposed zero tariffs as a starting point for discussions, while Israeli Prime Minister Benjamin Netanyahu sought relief from the 17 percent tariff on Israeli goods.
The US continues to implement tariffs, with higher “reciprocal” duties set to take effect on Wednesday.
Critics have raised concerns over the method used to determine the tariffs, particularly after they were applied to remote, uninhabited territories.
Commerce Secretary Howard Lutnick defended the strategy, claiming it aimed to prevent countries from circumventing the tariffs through potential loopholes.