In a recent statement, President Donald Trump made it clear that he is not considering a pause in tariffs to facilitate trade negotiations. He mentioned that many countries have been reaching out to US officials to engage in discussions. National Economic Council director Kevin Hassett also revealed that the White House is currently in contact with 50 countries interested in establishing trade deals.
Trump emphasized the importance of securing fair and beneficial trade agreements with every nation. He warned that countries failing to meet these standards will not be allowed to participate in the United States’ trade activities.
Shortly after these statements, Trump issued a threat to impose an additional 50% tariff on China if Beijing did not remove its retaliatory tariffs by a set deadline. This move caused significant volatility in US markets, with the S&P 500 index fluctuating throughout the day but ultimately closing down slightly. Tech giant Apple, with significant ties to China, experienced a notable drop in its stock value.
Furthermore, commodity markets were impacted by the escalating trade tensions. Both Brent crude and West Texas Intermediate oil prices saw a decline, while copper, a key industrial metal, also experienced a decrease.