Treasury Secretary Scott Bessent claimed the tariffs had triggered a wave of interest, with more than 50 countries initiating trade talks with the U.S. since the announcement last Wednesday.
Top U.S. officials on Sunday defended President Donald Trump’s newly announced sweeping tariffs, despite concerns over their economic impact. The tariffs, which contributed to a nearly $6 trillion drop in U.S. stock market value last week, have raised fears of an economic downturn and sparked global backlash.
As Asian markets prepared for a potentially volatile opening on Monday, Donald Trump’s senior economic advisers appeared on Sunday morning news shows, framing the tariffs as a strategic realignment of America’s role in global trade. They also attempted to downplay the market turbulence that followed the announcement.
Although Treasury Secretary Scott Bessent did not specify which nations were involved or provide details on the negotiations, Bessent emphasized that the president now holds a strong negotiating and talks position.
“He’s created maximum leverage for himself,” Bessent said during a TV appearance.
Pointing to robust job growth in the U.S., Bessent dismissed recession fears, asserting that the market dip should not be seen as a sign of deeper economic trouble.
However, the tariffs have already caused ripples globally, prompting retaliatory actions from China and stoking fears of a trade war that could stall economic growth worldwide. JPMorgan economists, adjusting their previous forecasts, now predict the U.S. GDP will shrink by 0.3% this year—down from an earlier estimate of 1.3% growth. The unemployment rate is also projected to rise to 5.3% from the current 4.2%.
Despite the economic uncertainty in the country, the newly elected President Donald Trump spent the weekend in Florida, playing golf and sharing a video of his swing on social media, as global investors braced for the impact when Asian stock markets reopened.
