Trump stands firm on tariffs, signals openness to negotiations

WASHINGTON, UNTIED STATES: President Donald Trump stated that he is not considering a pause in his initiative to impose extensive new tariffs on numerous countries, despite attempts from these trading partners to avoid such measures. However, he did indicate a willingness to engage in negotiations.

During a meeting with Israeli Prime Minister Benjamin Netanyahu in the Oval Office, Trump said, “We’re not looking at that.” He emphasised the significance of tariffs in his economic strategy, asserting that they would generally remain in place, but also expressed openness to reaching “fair deals with every country.”

His remarks have sparked volatility in global markets, prompting foreign leaders, frustrated by Trump’s policies, to hastily seek agreements with the US. When asked if it might be possible for countries to reduce their tariffs below a baseline of 10 percent, Trump avoided a direct response but highlighted the perceived advantages of the tariffs, stating, “Tariffs will make the country very rich.”

The fluctuating approach of Trump, even with close political allies, has created uncertainty in the market and presents challenges to some of the US’s strongest partners. He made it clear that certain nations could face significant hurdles in having tariffs lifted, reiterating his threat to impose an additional 50 percent tariff on China unless it rescinds its 34 percent retaliatory duty on American goods. Earlier, he also engaged with Japanese Prime Minister Shigeru Ishiba to initiate Cabinet-level trade discussions, while criticizing Japan’s barriers to US agricultural products.

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Trump has set high expectations for any trade agreements, recently stating he would consider tariff reductions in exchange for “phenomenal” offers. He claimed that other countries would need to eliminate trade deficits and non-tariff barriers.

“They create barriers that are so tough it’s impossible to qualify,” he remarked, adding that these nations also manipulate their currencies and they drive it down.

In response to a proposal from the EU to reduce tariffs on cars and industrial goods to zero, Trump dismissed the offer as insufficient and reiterated his concerns regarding the US trade deficit with Europe.

“The EU has been very tough over the years. It was formed to really do damage to the United States in trade. That’s the reason it was formed,” he explained, accusing the EU of creating a monopolistic situation to collectively counter the U.S. in trade matters. Trump asserted, “We have a deficit with the European Union of $150 billion – it is going to disappear fast.”