"President must reset global trade". Hotline with Donald Trump. “50 countries light up the telephone to the White House”

In a akin speech as Brooke Rollins said economical advisor to the White home Kevin Hassett on ABC television, saying, “More than 50 countries have asked the president to start negotiations”

Trump and officials of his administration send mixed signals regarding the main intent of the duties. It is not known whether to increase gross and stimulate home production, as Trump said last week, or whether to put force on countries to negociate a simplification in their tariffs and another barriers to trade. These objectives are in any contradiction due to the fact that the bilateral abolition of duties will consequence in little gross for the US budget.

The White home besides failed to inform which countries were in line for talks, but respective trading partners, including the 27 EU countries, signalled their willingness to scope an agreement.

For example, Vietnam's leader To Lam spoke to Trump on the telephone and sent a letter to Washington requesting a 45-day tariff postponement to safe time to negociate an agreement.

China powerfully criticized Trump's actions and responded with 34 % duties on American goods.

In an interview with NBC U.S. Treasury Secretary Scott Bessent stated that Trump would decide whether to negociate or not. He besides warned not to anticipate a fast end to customs duties.

"Well, I think it will be president Trump's decision. But I can say that he created a lever of maximum force for himself. More than 50 countries have turned to the administration to reduce customs duties (...). It is not something that can be negotiated in a fewer days or weeks," said Bessent.

Bessent's decline on the stock exchange called it a ‘correction’, which does not necessarily mean an upcoming recession.

"Who knows how the marketplace will respond in a day or a week? What we are looking at is building long-term economical foundations for prosperity," he said.

AFP / SAUL LOEB / AFP

US Treasury Secretary Scott Bessent (illustration picture)

“The question is whether his advisors will have the courage to tell him that”

The White home economical advisor Kevin Hassett besides underestimated the negative impact of tariffs, saying that the price increase would not be as large as expected by critics.

Former Treasure Secretary Larry Summers, an economist who served in the administration of Presidents Bill Clinton and Barack Obama, meantime called Trump's customs policy "The biggest injury to our economy in history’.

"We increase inflation due to the fact that prices are higher due to tariffs, which gives people little purchasing power, less jobs," said Summers in an interview with Bloomberg.

“The markets look at all this and believe that the companies will be worth 5 trillion dollars (about PLN 19 trillion 600 billion, counting at the current exchange rate) little than they thought before introducing these tariffs. And that's just a failure to companies. By adding losses to consumers, reasonable estimates would most likely be around 30 trillion dollars (about 117 trillion PLN 580 billion, counting at the current exchange rate)," said Summers.

The economist criticized Trump's view of customs. According to the president of the United States, they are good for the economy, Meanwhile, Summers called them “the equivalent of withdrawing vaccines from medicine”.

"The question is whether his advisors will have the courage to tell him and quit this policy," concluded Summers.