Almost 70 countries have approached the United States to negotiate President Donald Trump’s tariffs, according to US Treasury Secretary Scott Bessent.
These countries are looking to rebalance global trade, and negotiations are expected to be ongoing through April, May, and possibly June.
Bessent advised foreign officials to remain calm and avoid escalating the situation, instead coming to the US with proposals on how to reduce tariffs and eliminate subsidized financing.
The US has imposed a baseline 10% tariff on imported goods, with higher tariffs on specific countries, sparking concerns about the impact on global trade.
The Trump administration’s tariffs could reduce US GDP by 0.7% and increase tax revenue by $2.9 trillion over the next decade. Retaliatory tariffs from countries like China, Canada, and the European Union may affect $330 billion of US exports. The tariffs could lead to higher prices for consumers and reduced economic growth.