Kevin Hassett, director of the White House National Economic Council, stated that over 50 countries are now actively urging President Trump to enter negotiations following the implementation of his new reciprocal tariffs.

Tariffs are a potent instrument that effectively create leverage, and we are witnessing their significant impact now.
Kevin Hassett:

I got a report from the USDR last night that more than 50 countries have reached out to the President to begin a negotiation. But they’re doing that because they understand that they bear a lot of the tariff. And so, I don’t think that you’re going to see a big effect on the consumer in the US, because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply.

The real question is why the previous administrations tolerated these other countries’ tariffs in the first place.

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