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    Trump Officials Point to Outreach on Tariffs in a Bid to Calm Markets

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    President Trump’s top trade official defended the administration’s aggressive tariff moves on Tuesday, arguing before a Senate committee that the U.S. economy is facing “a moment of drastic, overdue change” after decades of being propped up by the financial sector and government spending.The remarks by Jamieson Greer, the United States trade representative, came as the Trump administration faced blowback from trading partners, businesses and investors over Mr. Trump’s approach. The president’s moves this month to impose a 10 percent global tariff and steep “reciprocal” tariffs on dozens of countries have already triggered a trade war with China and caused other countries to draw up their own retaliation plans. Economists now consider a recession increasingly likely.Mr. Trump has dismissed those concerns and said he will not back away from his trade agenda, which he says is necessary to return manufacturing and industrial production to the United States. He and his economic advisers have claimed that countries are clamoring to make new trade agreements with the United States and to lower their tariffs and other trade barriers.In a social media post on Tuesday, Mr. Trump described a call with South Korea’s acting president, Han Duck-soo, about trade and tariffs and that South Korean officials were heading to the United States for talks. He also expressed optimism that a trade war with China could be averted.“China also wants to make a deal, badly, but they don’t know how to get it started,” Mr. Trump wrote. “We are waiting for their call. It will happen!”Mr. Greer said in his prepared remarks that nearly 50 countries have approached him to discuss how to “achieve reciprocity on trade.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Gaming Out Trump’s Next Tariff Moves

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      In his address to Congress, the president made clear that his new trade levies were here to stay, acknowledging it might create “a little disturbance.” Analysts forecast what that might look like.President Trump’s tariffs have jolted global markets and the business world, but he has given no indication he’ll retreat on the levies.Doug Mills/The New York Times“A little disturbance” For months, the debate gripping board rooms, Wall Street and world capitals was whether to take President Trump at his word on tariffs. For a while, the markets rallied as if he were just bluffing.He wasn’t. In an address before Congress last night, Trump said that tariffs would protect American jobs and enrich the nation. He also acknowledged that “there will be a little disturbance. But we’re OK with that.”What might a “a little disturbance” look like? DealBook has taken on the task of gaming out what could happen next. (A warning to free-trade advocates: this could be tough reading.)More tariffs are coming, trade experts say. Few countries, or companies, will be spared. For example, if the tariffs on Canada, Mexico and China stick, then Europe will be next. Such a scenario is “unavoidable,” George Saravelos, the global head of FX Research at Deutsche Bank, said in a research note on Tuesday. European companies are already bracing for the next wave.“Trump has appeared to be less amenable to carve-outs in this second term,” David Seif, chief economist for developed markets at Nomura, told DealBook. That could bode poorly, he added, for Britain, whose prime minister, Keir Starmer, met with Trump at the White House last week where a trade deal was discussed. “I don’t think Keir Starmer should just feel safe right now,” Seif said.Expect more market turmoil. “These tariffs would represent a major negative global growth shock, sufficient to push many economies into recession,” Saravelos wrote, adding that it’s time to stop thinking of them as a negotiating tactic. (The recessionary risk for the United States may be remote, but concerns are growing about the tariffs’ potential stagflationary effects.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Are Trump’s Tariffs Inevitable?

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      World leaders and C.E.O.s are struggling to convince President-elect Donald Trump to shift his position on imposing new levies against America’s trade partners and its rivals.Advisers for Donald Trump are telling businesses to take the president-elect at his word on tariffs.Doug Mills/The New York TimesUnyielding on tariffs Investors appear largely unfazed by President-elect Donald Trump’s tough talk on tariffs, with the S&P 500 up more than 5 percent since Election Day.But world leaders and C.E.O.s are worried he could disrupt global trade and pummel profits — and feel they’re making little headway in warning him of the consequences.Companies have stepped up their lobbying to persuade Trump to go easy on tariffs, according to The Wall Street Journal. The president-elect warned last month that he would impose 25 percent levies on the country’s biggest trading partners, Canada and Mexico, if they didn’t tighten their borders and stem the flow of illegal migration to the U.S.In subsequent social media posts, he went after China and BRICS countries, too.Trump’s team is warning businesses to take him at his word on tariffs, The Journal reports. That suggests that Trump, who has called tariffs “the most beautiful word in the dictionary,” isn’t merely using tariff warnings as an opening salvo in trade negotiations.It also calls into question how much say Jamieson Greer, Scott Bessent, Howard Lutnick and Marco Rubio — Trump’s picks for trade representative, and to run the Treasury, Commerce and State departments — will have in shaping Trump’s trade policy if his mind is already made up.Trump conceded that he “can’t guarantee” tariffs won’t hit consumers hard. That’s a concern among economists and big companies such as Walmart and Costco, who fear that levies could lead to price rises. This earnings season, analysts have been peppering corporate leaders about how tariffs might affect their businesses.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More