Trump doesn't back off on tariffs as world leaders seek agreement
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U.S. President Donald Trump stated yesterday, during a meeting with journalists aboard Air Force One, that the U.S. administration has no intention of withdrawing or revising the global tariffs announced last Wednesday, unless various countries decide to rebalance trade with the United States.
Since the announcement of the new global tariffs, financial markets have experienced significant declines, increasing the likelihood of a recession. The American tycoon emphasized that the tariffs were not intended to collapse global stock markets – which have lost trillions of dollars since the announcement of the new tariffs – and that the recent sell-off trend is none of his concerns.
Meanwhile, various officials from the Trump administration claim that more than 50 countries have reached out to the U.S. government in recent days to reach an agreement on tariffs. Trump stated that he has already spoken with leaders from Europe and Asia, who have requested a 50% reduction in tariffs. He also mentioned that Beijing might have sabotaged a deal for TikTok's sale – which is currently owned by the Chinese company ByteDance – to a U.S. company, due to the new tariffs.
Since the announcement of the new global tariffs, financial markets have experienced significant declines, increasing the likelihood of a recession. The American tycoon emphasized that the tariffs were not intended to collapse global stock markets – which have lost trillions of dollars since the announcement of the new tariffs – and that the recent sell-off trend is none of his concerns.
Meanwhile, various officials from the Trump administration claim that more than 50 countries have reached out to the U.S. government in recent days to reach an agreement on tariffs. Trump stated that he has already spoken with leaders from Europe and Asia, who have requested a 50% reduction in tariffs. He also mentioned that Beijing might have sabotaged a deal for TikTok's sale – which is currently owned by the Chinese company ByteDance – to a U.S. company, due to the new tariffs.