Treasury Secretary Scott Bessent said that about 70 countries have reached out to the Trump administration to negotiate on tariffs that were announced this past week.
While he did not confirm whether there was any headway in negotiations, Bessent told Fox News’ Larry Kudlow on Monday that “50, 60, maybe almost 70 countries” have gotten in contact with the Trump administration looking to hold talks.
“It’s going to be a busy April, May, maybe into June,” he said.
The three major U.S. stock indexes opened higher on Tuesday as Trump administration officials indicated that negotiations are ongoing between the United States and other countries over tariffs, but the markets plunged as the day progressed.
As of Tuesday afternoon, the Dow Jones Industrial Average was down roughly 800 points, the Nasdaq Composite slid 3 percentage points, and the S&P 500 dropped more than 2 percent.
A two-day period last week saw one of the steepest concentrated selloffs for U.S. stocks, on par with the speed and intensity of drawdowns seen during the COVID-19 swoon in 2020 and the financial crisis slide in 2008, and has put the S&P 500 close to bear market territory.
Shares around the world broadly recovered on Tuesday as markets calmed from the panic after U.S. President Donald Trump’s tariff announcements.
President Donald Trump’s sweeping tariffs on various countries aim to close trade loopholes that China has used to bypass duties, particularly through transshipment, in which goods are exported via a third country, according to American columnist and author Gordon Chang.
Under this method, Beijing will ship its goods to the United States through another country and change the bill of lading to indicate they came from that country, he stated.
EU Commission President Ursula von der Leyen has called on China to ensure a “negotiated resolution” to tariffs imposed by U.S. President Donald Trump.
Beijing on Tuesday criticized President Donald Trump’s threat to impose an additional 50 percent tariff on Chinese imports in response to China’s retaliatory measures against the U.S. reciprocal tariffs.
The Chinese Commerce Ministry said it would be a mistake if Trump proceeds with the extra tariffs and vowed to “fight to the end” to protect its interests.
The ministry added that it will not accept Trump’s demands and called on the U.S. government to rescind its tariff measures against China, according to its statement.
As reciprocal tariffs on U.S trading partners are set to take effect on April 9, President Donald Trump has focused much of his attention on the Chinese regime.
U.S. President Donald Trump said late on April 7 that the European Union would need to buy $350 billion worth of American energy to secure relief from tariffs.
Asked by a reporter at the White House whether the offer was enough for him to back down on 20 percent duties on imports, Trump said: “No, it’s not.”