More than 50 countries have contacted the administration of US President Donald Trump to negotiate trade terms following the United States' import tariff policy, White House National Economic Council Director Kevin Hassett said on Sunday (6/4).
"The fact is, countries are angry and they are retaliating -- but, at the same time, they are coming to the negotiating table. I received a report from the Office of the U.S. Trade Representative last night that over 50 countries have contacted the President to begin negotiations," Hassett said in an interview with ABC News.
"They're doing it because they recognize that the burden of the tariffs is largely on them. So I don't think the impact on consumers in the U.S. is going to be that big," Hassett added.
"I also believe that one of the reasons for the long-term, persistent trade deficits is that these countries have very inelastic supplies," Hassett added.
On Wednesday, President Trump announced the imposition of "reciprocal" import tariffs on products from other countries.
The minimum tariff is set at 10 percent, but will be adjusted per country and will be equal to half the tariff that country charges on US imports.
According to Trump, the policy is a “declaration of economic independence” for the United States and is expected to raise “trillions of dollars” to pay off the national debt.
For imports from European Union countries, the tariff imposed will be 20 percent.
Source: Sputnik-OANA
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