Trump Firmly Stands by Tariffs, Labels Them as 'Remedy' Amid Market Turmoil
President Donald Trump has announced sweeping tariffs on imports from most of the world, sending financial markets reeling and raising fears of a potential recession. The tariffs, set to be collected beginning Wednesday, have hit American allies and adversaries alike, including Israel and Vietnam.
Trump has stated that he won't back down on his tariffs unless countries even out their trade with the U.S. This stance has led to a flurry of negotiations with more than 50 nations reaching out to the White House to discuss lifting the tariffs.
In a move to protect American jobs, US Trade Secretary Howard Lutnick announced a new fee of $100,000 per year for certain work visas. This fee, intended to make it financially unappealing for US companies to bring in and train inexperienced foreign workers, applies only to new visa applications.
Elon Musk, Trump's government cost-cutting guru, has expressed a desire for a zero-tariff situation between the U.S. and Europe. However, Trump has indicated that he disagrees with Musk, stating that the European Union must pay a lot of money to talk.
The Commerce Secretary, Howard Lutnick, has confirmed that the tariffs will be implemented and will remain 'for days and weeks.' In response, Nebraska GOP Rep. Don Bacon plans to introduce a House version of the bill, aiming to restore Congress's powers over tariffs.
The tariffs have also sparked significant unease in Congress, with several Republican senators supporting a new bill that requires presidents to justify new tariffs to Congress. White House trade adviser Peter Navarro has rebuked Musk, stating that he is protecting his own interests as a business person.
Meanwhile, Vietnam's leader has expressed a desire to cut their tariffs down to zero if an agreement with the U.S. can be reached. Italian Premier Giorgia Meloni has disagreed with Trump's tariff move but is 'ready to deploy all the tools - negotiating and economic - necessary to support our businesses and our sectors that may be penalized.'
As the global financial markets continue to decline, Israeli Prime Minister Benjamin Netanyahu is set to visit the White House and speak at a press conference with Trump, where the tariffs are expected to be a point of discussion. The AP reported from Fort Lauderdale, Florida, and Giada Zampano in Rome contributed to this report.
