Trump's representatives deliver conflicting statements regarding tariff discussions, dismissing market turbulence
Spicing Up the Trade War
The top dogs in the Trump administration are pumping out conflicting messages about the potential for negotiations on the president's latest round of tariffs. They've painted a mix of optimism and uncertainty, with talk of economic resets and downplaying market chaos.
Donald Trump, our dealmaker-in-chief, has kept the door open to striking tariff deals with foreign nations. But his economic lieutenants' statements on Sunday have muddied the waters about the possibility of savings.
Last week, Trump dropped a bomb with tariffs of at least 10% on all imports, with some countries facing even higher rates. On Saturday, the standard 10% tariffs kicked in, while customized rates were set to start on Wednesday.
After Trump's announcement, over 50 countries have scrambled to reach out to the White House, hoping for a reduction in the new tariffs. Commerce Secretary Howard Lutnick told CBS News' "Face the Nation" that these countries know they've been exploiting us, and it's about time that ends.
While Trump has halted tariffs before in light of negotiations, Lutnick made it clear that the administration is committed to enforcing the tariffs due to go into effect on Wednesday.
"There's no postponing," Lutnick stated. "These tariffs are definitely going to stay in place for days and weeks. The president needs to reset global trade."
It seems the Trump administration is engaging in active discussions with Israel, Vietnam, and India regarding bespoke trade deals, with Israeli Prime Minister Benjamin Netanyahu scheduled to meet with Trump at the White House on Monday.
However, when asked about the potential easing of tariffs, Trump's senior advisor Peter Navarro told Fox News that the administration isn't negotiating. Navarro emphasized that this isn't a negotiation but a national emergency based on a trade deficit that's gotten out of control due to manipulation and cheating.
Agriculture Secretary Brooke Rollins was hesitant to commit to the permanence of the tariffs, stating that President Trump is a tenacious dealmaker who always puts America first. Meanwhile, Treasury Secretary Scott Bessent indicated that Trump has created a strong bargaining position for himself.
"It's not something that can be negotiated away in days or weeks," Bessent told NBC's "Meet the Press."
Elon Musk, one of Trump's top advisors and the face of the administration's Department of Government Efficiency, stated that he hopes for a zero-tariff situation between Europe and the United States, suggesting there may still be room for negotiation.
As markets continiously plummet due to the tariff uncertainty, Navarro and Bessent urge American investors to "sit tight" and not panic. Navarro even went as far as to promise the biggest stock market boom under the Trump policies.
With fears of a recession looming, Bessent rejected the notion, stating that the focus should be on creating long-term economic fundamentals for prosperity. Rollins argued that the market is adjusting and will soon show a more positive trend.
Amidst the economic turmoil, it seems President Trump remains relaxed, spending the past four days at one of his South Florida golf properties. Crowds protesting against the tariff policies assembled across the country, including in West Palm Beach, but the White House chose to celebrate Trump's victory in a golf tournament at his club instead.
- The Commerce Secretary, Howard Lutnick, conveyed to CBS News that several countries have been exploiting the United States in trade deals, and it's time for a reset in global trade.
- Elon Musk, a top advisor to President Trump, expressed hope for a zero-tariff situation between Europe and the United States, hinting at the possibility of future negotiations.
- Despite the ongoing turmoil in the markets due to tariff uncertainties, Treasury Secretary Scott Bessent predicted that President Trump would create long-term economic fundamentals, eventually leading to a more positive trend.
