More than 50 countries have reached out to the Trump administration to negotiate tariff deals, according to a White House advisor.
‘They’re doing that because they understand that they bear a lot of the tariff,’ National Economic Council Director Kevin Hassett said on Sunday.
Last week, the commander-in-chief implemented a 10 percent ‘baseline’ tariff on all US trading partners.
The policy roiled global markets and in the days since at least $5 trillion of value was wiped away from the S&P 500 alone. Other major US stock indexes have faired similarly.
The president also announced additional rates will be imposed on trading partners with lopsided trade balances with the US deemed the ‘worst offenders.’
Trump has said that the tariffs are expected to stay, though he did announce that he is open to making deals, posting recently online about how Vietnam has intentions to negotiate down their 46 percent tariff rate.
‘So the fact is, the countries are angry and retaliating,’ Hassett shared before adding ‘and, by the way, coming to the table.’
National Economic Council Director Kevin Hassett revealed Sunday that over 50 countries have reached out to the White House to discuss trade deals after Trump’s sweeping tariffs were announced last week
President Donald Trump signs an executive order to enact tariffs last week at the White House
DOGE leader Elon Musk called for zero tariffs on the EU
The White House official also argued that tariffs will not cause a ‘big effect on the consumer.’
The major announcement comes just one day after Trump’s close ally Elon Musk advocated for zero tariffs between the U.S. and one of its major trade partners.
Musk pushed for a tariff-free approach in Europe while speaking Saturday by videoconference to Italy’s Deputy Prime Minister Matteo Salvini.
‘At the end of the day, I hope it’s agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation,’ Musk said.
The world’s richest man hopes that would create ‘a free trade zone between Europe and North America.’
Trump’s additional tariff rates for the ‘worst offenders’ like the EU are due to take effect Wednesday at 12:01 E.T.
Imports from the EU will face a 20 percent rate while other trading parters, like China, will be hit with much higher rates. Come Wednesday China will be expected to pay a 54 percent tariff on all good shipped to America.
Before his appearance Musk had largely stayed quiet about the sweeping new economic policy.
Alcohol prices in the U.S. are expected to be impacted as a result of the new tariffs
White House trade adviser Peter Navarro
Notably, the DOGE leader was not spotted in attendance at Trump’s White House ‘Liberation Day’ event revealing the tariff plan, sparking speculation about why.
However, just before his videoconference remarks, Musk skewered Trump’s trade advisor Peter Navarro over free trade.
Responding to a post on X lauding Navarro’s economic philosophy and bona fides, including his Harvard education, the Tesla CEO ripped the advisor for lacking experience.
‘A PhD in Econ from Harvard is a bad thing, not a good thing,’ Musk wrote on X early Saturday morning slamming Navarro.
‘He ain’t built s***,’ the SpaceX founder wrote.
Musk, an immigrant originally from South Africa, also shared during the cameo that he hopes to simplify the process in which Europeans and Americans can easily work in either region.
‘If people wish to work in Europe or wish to work in North America, they should be allowed to do so in my view,’ the billionaire stated, noting he has advocated for the matter before Trump.
