More than 50 countries have approached the White House to initiate trade negotiations following President Donald Trump’s sweeping new tariffs, top administration officials revealed on Sunday.
The officials defended the controversial tariffs, which erased nearly $6 trillion from U.S. stock market value last week, while attempting to downplay the broader economic repercussions.
Speaking on Sunday morning news programs, Trump’s senior economic advisers framed the tariff move as a strategic recalibration of the U.S. role in global trade. They also worked to reassure markets and investors ahead of an expected rocky start to the week in Asian stock markets.
Treasury Secretary Scott Bessent stated that over 50 nations had begun trade discussions with the U.S. since Wednesday’s announcement, positioning Trump as a dominant player on the world stage.
While Bessent and other officials did not disclose the names of the countries or specifics of the negotiations, the sheer volume of talks could present a significant logistical challenge for the administration. The duration and outcomes of these discussions remain uncertain.
Meanwhile, Taiwan’s President Lai Ching-te offered a bold proposal on Sunday, suggesting zero tariffs as a foundation for trade talks with the U.S. He pledged to eliminate trade barriers and encouraged Taiwanese companies to boost their investments in America.
“He’s created maximum leverage for himself,” Bessent said during an appearance on NBC’s Meet the Press.
Bessent also sought to downplay last week’s sharp stock market losses, insisting that there’s “no reason” to expect a recession as a result of the tariffs. He pointed to unexpectedly strong job growth numbers released on Friday as a sign of continued economic momentum.
“We saw the jobs number on Friday beat expectations, which shows we’re moving forward,” Bessent said. “So I see no reason to price in a recession.”
Trump’s announcement of broad tariffs on U.S. imports sent shockwaves through the global economy, prompting retaliatory measures from China and igniting fears of a full-blown trade war and potential recession.
U.S. markets reacted sharply, with stocks plummeting roughly 10% over two days—largely in response to the more aggressive trade measures than analysts had anticipated.
Economists and major investors have widely criticized the move, warning that the tariffs could fuel inflation and hinder growth. JPMorgan economists revised their forecasts, now projecting that the tariffs will reduce U.S. GDP growth by 0.3% for the year—down from an earlier estimate of 1.3%. They also expect the unemployment rate to rise from 4.2% to 5.3%.
