More than 50 countries have contacted the United States to negotiate following President Donald Trump's sweeping new tariffs announced earlier this week, according to White House economic adviser Kevin Hassett.
The 10% “base” tariff on most U.S. imports has drawn swift backlash around the world. While some countries have hinted they will retaliate, others, such as Indonesia and Taiwan, have signaled they want to avoid escalating trade tensions and have said they will not impose retaliatory tariffs.
While Israeli President Benjamin Netanyahu reportedly went to Washington to hold direct trade talks with Trump, British Prime Minister Keir Starmer painted a sobering picture in his speech to Parliament: “The world as we know it has disappeared,” Starmer said, adding that the British government was ready to take action to protect the national economy from possible impacts.
Economists warn that the tariffs could lead to higher prices for U.S. consumers and disrupt supply chains. Markets were volatile after the announcement, with Trump addressing the nation on social media. “Hold on tight, this is an economic revolution. It won’t be easy, but the outcome will be historic,” the president said while playing golf in Florida on Saturday.
Meanwhile, speaking to an Italian audience just hours after the tariffs went into effect, Elon Musk expressed hope for a “tariff-free situation” between the U.S. and Europe in the future. The Tesla and SpaceX CEO, who has served as an informal adviser to Trump on trade and innovation, said a freer trade environment remains an ideal long-term goal.
*This is not investment advice.
