WASHINGTON (AP) — The United States’ top trade representative, Jamieson Greer, has reported that President Donald Trump’s extensive tariffs are yielding progress by encouraging other nations to engage in negotiations to lower their trade barriers. According to Yahoo Finance, Greer addressed the Senate Finance Committee, noting that approximately 50 countries have initiated discussions to avoid Trump’s tariffs. He highlighted Vietnam’s recent reduction in tariffs on products such as apples, almonds, and cherries as a positive outcome.
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The tariffs, aimed at decreasing the substantial U.S. trade deficits, have prompted mixed reactions. While some business leaders criticize the tariffs, others see potential for renegotiation and trade reform. Data from the IndexBox platform indicates that the U.S. trade deficit in goods and services was $67.1 billion in August 2023, showing a slight decrease from previous months, suggesting potential impacts of the tariffs.
However, the tariffs have also led to volatility in global markets, with significant fluctuations observed following their announcement. On the legislative front, there is growing concern within Congress over the President’s extensive use of executive powers to impose tariffs. Lawmakers, including both Republicans and Democrats, are considering measures to reclaim some of their trade authority.
Senators Chuck Grassley and Maria Cantwell have introduced a bill requiring presidential justification for new tariffs, subject to Congressional approval within 60 days. Yet, Senate Majority Leader John Thune expressed skepticism about the bill’s prospects. Meanwhile, Republican Rep. Dan Bacon is preparing similar legislation in the House, emphasizing the need for Congressional oversight if the tariffs negatively impact the economy.
