President Trump's threatened tariff increases sparked global market uncertainty. While a rumored 90-day pause on tariffs proved false, Trump hinted at potential negotiations to reduce tariffs, starting with Israel, which pledged to eliminate the US trade deficit. Many countries expressed interest in trade talks.
Japan, a major US trading partner, faced a 24% tariff, prompting concerns about investment. The European Union proposed counter-tariffs on US goods in response to existing and threatened tariffs. The US also raised concerns about trade barriers with Australia, specifically regarding beef imports.
Republican Senator John Barrasso supported the tariffs, citing grievances against Australia and Thailand. However, Australia maintains its beef import regulations are based on biosecurity concerns and not a ban on US beef. JPMorgan Chase CEO Jamie Dimon warned of the inflationary pressures and potential economic slowdown caused by Trump's tariff strategy, expressing concerns about long-term economic alliances.