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The White House on Friday insisted that trade partners “need the United States of America.”
U.S. President Donald Trump’s Press Secretary, Karoline Leavitt, said over 75 countries had approached the United States government to negotiate fresh trade deals.
According to Leavitt, the countries need the U.S. markets to survive.
“They have made it very clear. They need the United States of America. They need our markets. They need our consumer base,” Leavitt told a press briefing.
“We have heard from South Korea. We have heard from Japan.
“The President has spoken to Vietnam. We have Italy coming to the White House next week.
“There is a reason for that, Sean, and it’s because they need the United States of America and our business model and our markets to survive, and the President is using that leverage to our advantage.”
This comes after Trump recently announced a 90-day suspension of the reciprocal tariffs affecting over 70 countries, including Nigeria.
The White House has announced that the cumulative duties imposed by the Donald Trump administration on Chinese goods now total 145 per cent.
According to CNBC, this new rate takes effect immediately.
The total comprises 125 per cent in duties imposed in response to China’s allegedly unfair trade practices, combined with a 20 per cent tariff introduced during the early weeks of Trump’s second term as a response to China’s alleged failure to stem the flow of fentanyl.
The 125 per cent rate represents an increase from an initial rate of 84 per cent.
Trump has also raised the tariff on lower-value items worth $800 or less to 120 per cent, up from 90 per cent.
Furthermore, the U.S. president will increase the “per postal item” cost of such goods to $100 starting from 2 May, and to $200 from 1 June.
