More than 50 countries have asked the White House to launch trade talks, US President Donald Trump's economic adviser said on Sunday, as US officials sought to defend the imposition of new tariffs that have sparked global turmoil.
Kevin Hassett, director of the US National Economic Council, denied on ABC News that the tariffs are part of Trump's strategy to crash financial markets in order to pressure the US Federal Reserve to cut interest rates.
He said there would be no "political coercion" on the U.S. central bank. Trump shared a video on his Truth Social network on Friday suggesting his tariffs were aimed at hitting the stock market in an attempt to force lower interest rates.
Treasury Secretary Scott Besant played down the stock market decline on NBC News and said there was "no reason" to expect a recession due to the tariffs.
Trump has shaken economies around the world after announcing tariffs on US imports on Wednesday, prompting retaliation from China and stoking fears of a global trade war and recession.
On Sunday morning shows on American television, top Trump officials sought to portray the tariffs as a smart repositioning of the United States in the global trading order, and the economic disruptions as short-term consequences.
US stocks have fallen about 10% in the two days since Trump announced a new global tariff regime that was more aggressive than analysts and investors had expected.
Analysts and large investors blamed the market decline on Trump's aggressive approach to tariffs, which most economists and the head of the US Federal Reserve believe risk fueling inflation and jeopardizing economic growth.
Hassett told ABC News that Trump's tariffs have so far prompted "more than 50" countries to contact the White House to begin trade negotiations.
Taiwanese President Lai Ching-te on Sunday offered zero tariffs as a basis for talks with the United States, pledging to remove trade barriers rather than impose reciprocal measures and saying Taiwanese companies would increase investment in the United States.
Unlike other economists, Hassett said he doesn't expect a big hit to consumers because exporters will likely lower prices.
Besent told NBC News that he does not expect a recession because of the tariffs, citing a larger-than-expected increase in U.S. jobs.
"We could see from the jobs numbers on Friday, which were well above expectations, that we are moving forward, so I don't see any reason why we need to assess a recession," Besent said.
Bonus video:
