Pinned
President Donald Trump said on Monday that he is not looking to pause his tariff plan, as countries seek to negotiate deals with the White House.
Earlier Monday, the three major U.S. stock indexes saw-sawed after CNBC aired “unconfirmed information” claiming that Trump was considering a 90-day pause. But the White House said on social media that such reports were “fake news.”
Later, when speaking to reporters in the Oval Office, Trump was asked about a possible pause on tariffs to allow talks on deals.
President Donald Trump would veto a bipartisan Senate bill that would give Congress more power over tariffs if it reaches his desk, the White House said on April 7, warning the legislation would weaken the chief executive’s ability to respond to foreign threats and protect national security.
The OMB said the bill would limit the president’s ability to impose new tariffs by requiring congressional approval within 60 days and by requiring the administration to notify Congress within 48 hours of imposing or increasing duties.
U.S. stocks briefly soared during the April 7 trading session, following reports by CNBC and Reuters that U.S. tariffs might be paused, which the White House has denied.
The two media outlets reported that Kevin Hassett, director of the National Economic Council, said President Donald Trump was considering a 90-day tariff pause.
In a statement, the business news network said it aired “unconfirmed information” in its on-screen chyron.
The president of the European Commission suggested that the 27-nation European Union offer “zero-for-zero” tariffs on certain goods amid market uncertainty over duties announced this past week by the Trump administration.
“We stand ready to negotiate with the U.S. Indeed, we have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners,” European Commission President Ursula von der Leyen told reporters on Monday.
The reason, she said, is “because Europe is always ready for a good deal.” But she cautioned that the EU is “also prepared to respond through countermeasures” and defend its interests.
The president of the European Commission suggested that the 27-nation European Union offer “zero-for-zero” tariffs on certain goods amid market uncertainty over duties announced this past week by the Trump administration.
“We stand ready to negotiate with the U.S. Indeed, we have offered zero-for-zero tariffs for industrial goods as we have successfully done with many other trading partners,” European Commission President Ursula von der Leyen told reporters on Monday.
The reason, she said, is “because Europe is always ready for a good deal.” But she cautioned that the EU is “also prepared to respond through countermeasures” and defend its interests.
European Union ministers on April 7 broadly agreed that the bloc should prioritize negotiations to remove tariffs imposed by U.S. President Donald Trump.
The 27-nation bloc is currently facing 25 percent import tariffs on steel, aluminum, and cars, with “reciprocal” tariffs of 20 percent due to kick in from April 9 for almost all other goods under Trump’s new policy of responding in kind to countries that he says impose high barriers to U.S. imports.
Trade ministers met in Luxembourg on April 7 to debate the EU’s response, as well as to discuss relations with China.
President Donald Trump on April 7 threatened to impose an additional 50 percent tariff on China if Beijing does not withdraw its retaliatory measures on U.S. goods.
In an April 7 Truth Social post, Trump said the Chinese communist regime has until April 8 to reverse its decision. If it fails to do so, the new tariffs will be implemented on April 9.
The warning follows China’s announcement last week of 34 percent retaliatory tariffs and other trade restrictions in response to the administration’s April 2 rollout of reciprocal duties.
U.S. stocks seesawed on April 7, as investors embarked on the first day of trading after President Donald Trump’s baseline 10 percent tariffs on imports went into effect.
After opening sharply down, markets were gripped by volatility fueled by social media speculation that Trump was considering a 90-day pause on tariffs for all countries except China. The White House later described those reports as “fake news” in a post on social media.
As of 2:25 p.m. ET on April 7, the Dow Jones Industrial Average was down less than 100 points, while the Nasdaq was up 130 points. The Dow’s modest decline came after an up-and-down morning trading that saw stocks plummet by as much as 1,600 points before making a rebound.