More than 50 countries have contacted the U.S. following President Trump’s announcement of broad new tariffs, according to Kevin Hassett, Director of the National Economic Council.
The sweeping 10% “baseline” tariff on most U.S. imports took effect yesterday. In response, some nations, including Indonesia and Taiwan, have indicated they will not impose retaliatory measures. Meanwhile, Israeli Prime Minister Benjamin Netanyahu is heading to Washington for trade talks with Trump.
UK Prime Minister Keir Starmer warned, “the world as we knew it has gone,” pledging government support to safeguard the British economy amid growing uncertainty.
Although economists have cautioned that the tariffs could lead to higher prices for consumers, Hassett downplayed the impact, saying any price increases won’t pose a “heavy burden.” He also dismissed claims that the tariffs are intended to pressure the U.S. Federal Reserve to cut interest rates, following Trump’s recent comment that now would be a “perfect time” for a rate cut.
“He’s not trying to tank the market,” Hassett said. “He’s trying to deliver for American workers.” Photo by Gage Skidmore, Wikimedia commons.