U.S. National Economic Council Director Kevin Hassett announced that over 50 countries have initiated trade negotiations with President Trump, prompted by his aggressive tariff policies.

Speaking on ABC’s “The First 100 Days,” Hassett defended the tariffs, arguing they won’t significantly impact U.S. consumers.

The White House backdrop complemented Hassett’s optimistic outlook, even as a ticker noted a significant market drop since 2020, following the introduction of Trump’s tariff policies.

Trump’s tariffs, effective from April 5, include a universal 10% import tax, with higher rates for “worst offenders” like Vietnam (46%), China (54%), and the EU (20%).

Vietnam has offered to eliminate all tariffs on U.S. goods to avoid the levies, signaling a major trade shift. However, global markets are reeling—U.S. stocks lost $6 trillion in two days, with the S&P 500 and Nasdaq confirming bear market territory.

China retaliated with 34% tariffs on U.S. goods, escalating fears of a full-blown trade war.

Hassett emphasized that countries bear the tariff burden, citing their “inelastic supply” and history of dumping goods, particularly by China. Yet, former Treasury Secretary Larry Summers, also on ABC, called the tariffs the “biggest self-inflicted wound” on the U.S. economy, predicting higher inflation and fewer jobs. The exclusion of Russia from tariffs, amid ongoing Ukraine negotiations, has also sparked debate.

Social media reactions on X reflect the divide—some praise Trump’s hardline stance, while others blame Wall Street for market chaos.

As negotiations unfold, the world watches whether Trump’s gamble will reshape global trade or deepen economic turmoil.