Former President Donald Trump reaffirmed his commitment to tariffs during a meeting with Italy’s Prime Minister Giorgia Meloni at the White House, stating that nothing discussed shifted his perspective on the issue. Despite ongoing turmoil in global markets due to his trade policies, Trump remains optimistic about future trade agreements and the administration’s overall strategy.
During the meeting, Trump emphasized the importance of tariffs as a tool for negotiation rather than just a source of revenue. He previously hailed the agreement with Italy and noted that every nation, including China, is eager to engage with his administration. There’s still some question as to where exactly Canada lands on the administration’s priority list. The U.S. tariffs on steel, aluminum, and automobiles have hit Canada hard.
In addition, beginning in early March, Trump slapped a 25 percent economywide tariff on Canada and Mexico. Later, he backtracked on these duties in part. In practice, this action has left governments and businesses around the world wondering what the end goals of these tariffs really are. Many are seeking clarity on whether the duties aim to bolster federal revenues or to negotiate new trade arrangements while countering Chinese economic influence.
Now Trump has declared a trade deal with the European Union a foregone conclusion. He assured it would be so before the end of a 90-day suspension of “equivalent” duties. He has been relentlessly pursuing agreements with key international partners such as Japan and the European Union to lock in such arrangements. Trump highlighted his productive meetings with Japanese trade representatives and shared insights from his recent discussions with Mexican President Claudia Sheinbaum.
Treasury Secretary Scott Bessent joined the meeting with Meloni. This reemphasizes the administration’s motivation to work with the “big 15 economies” to start. While these negotiations continue, U.S. Customs and Border Protection is monitoring record revenue. Since the introduction of these tariffs at the northern border, they have only raised $861 million.
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