After imposing a 10% tariff on all imports and additional tariffs on several countries, including China and the European Union, President Trump expressed openness to trade negotiations, stating that other countries are desperate for agreements. This shift follows three consecutive days of market declines and growing criticism from his allies.
Trump justified the tariffs as a necessary treatment for economic imbalances, comparing them to medicine despite market crashes exceeding $6 trillion. The Dow Jones suffered significant losses, oil prices dropped below $60 per barrel, and Bitcoin also experienced a decline. Trump maintains that the US is losing hundreds of billions of dollars due to trade with China.
Trump's stance faced significant criticism from Republicans, including Elon Musk who called for the elimination of tariffs with Europe. Bill Ackman warned of a potential recession, while Congressman Don Bacon proposed a bill to limit the president's power over trade policy. Even conservative commentator Ben Shapiro labeled the tariffs as possibly unconstitutional. The European Commission also reacted strongly, calling the tariffs 'very worrying and very outrageous' and announced plans for retaliatory measures.
Trump stated that he has spoken to major tech leaders who understand his position. However, he conditioned any negotiation on financial compensation from other countries, insisting that Europe has benefited at the expense of the US. He remains defiant, asserting that his country is much stronger and implying further discussions are underway.