Top Trump administration officials present mixed signals about the possibility of negotiating the newly implemented tariffs. While President Trump has historically positioned himself as a dealmaker, recent statements from his economic advisors paint a less clear picture regarding potential tariff relief.
The tariffs, ranging from 10% to higher rates for certain countries, went into effect. Over 50 countries have contacted the White House to discuss lowering tariffs, indicating international concern.
Commerce Secretary Howard Lutnick asserts that the tariffs will remain, while Peter Navarro, Trump’s senior counselor on trade and manufacturing, states that this is not a negotiation but a response to trade imbalances. Other officials offer less clear statements about potential deals. Elon Musk, however, hopes for a zero-tariff situation between Europe and the US.
The market has experienced significant volatility, with the Dow Jones and Nasdaq experiencing substantial losses. Administration officials downplay the economic disruption, while some economists express concern about the potential for a recession. Goldman Sachs analysts suggest that economic growth driven by Trump's fiscal policies won't offset the damage from the tariffs.
The article highlights the contrast between President Trump's golfing activities amidst market turmoil and the protests against his tariff policies. Democratic Senator Adam Schiff points out the visual disconnect as people’s retirement accounts suffer losses.