US President Donald Trump tariffs threaten to upend global economic order

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US President Donald Trump tariffs threaten to upend global economic order - Business Standard

Quick Summary:

He said he was confused about using tariffs to negotiate a better trade deal with Canada.“We already had a trade agreement and it was a good trade agreement,” he said on CNN.“It’s hard for me to square that circle.

During his first term, Trump pushed for a rewrite of the North American Free Trade Agreement, which he had criticised as the “worst” trade deal ever, and ultimately signed the United States-Mexico-Canada Agreement.

The president’s top economic aides, including Treasury Secretary Scott Bessent, have defended the use of tariffs, but have suggested that they would be used as a tool for negotiations or that they should be phased in gradually to allow businesses time to adjust.“The tariff gun will always be loaded and on the table but rarely discharged,” Bessent wrote in a letter to partners of his hedge fund, Key Square Group, last year.