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President Donald Trump and his team want to reach trade transactions with 90 countries in so many days – and experts believe that there is ‘no way’ he can reach the mark.
White House trade adviser Peter Navarro told Fox Business that the Trump administration would “do 90 transactions within 90 days.” His proclamation comes after Trump issued the blanket of at least 10 percent on almost every country-and then placed a 90-day break on most of the rates Wednesday.
Navarro added that Trump ‘the boss’ and ‘chief negotiator’ of these supposed transactions will be: ‘Nothing is done without looking at it very carefully.’
US trade representative Jamieson Greer said in the same way that a team of 200 people ‘work’ all the time ‘to get transactions’ to a point where the president can close them’.
But economists say this is not going to happen to the Senate who confirmed only one other senior Treasury department official and that the administration is already stretched thin.
Wendy Cutler, a former chief negotiator of the US trade representative, told Reuters. “There is no way during this timeframe that we do an extensive agreement with any of these countries.”
Cutler calls the goal a ‘big task’.
“The onus is going to be on them to show that they can quickly conclude agreements with countries and establish some confidence in the market and with other trading partners that there is an off disaster here,” she added.
The goal is even more unrealistic, as Trump’s top advisors each have their own views on trade policy, and negotiators on the other are uncertain, an unnamed diplomatic source told Reuters.
“It’s not as if there is a sheet of paper with firm talking points that change hands,” the diplomatic source said. “It’s a process. And I would say to use the term ‘talk’, not ‘negotiations’.’
Trump’s 90 -day break, which he attributed to people who “Yippy” and “a little scared”, comes after a week of significant lows in the market.
Two weeks ago, the stock market saw its worst week since 2020. It was also only the fourth time in history that the Dow Jones lost in 2000 points on a single day. Over the past week, there were also volatile fluctuations after false reports about a 90 -day break on Monday, with the market losing $ 2.4 trillion within a few minutes.
When Trump set the 90-day break two days later, the Dow rose 2,962 points, while the Nasdaq rose 1.857 points, which was the largest one-time point for both indexes.
At closing on Thursday, the Dow fell 1.014 points, or 2.5 percent, and the Nasdaq dropped 737 points, or 4.3 percent. But the market closed on Friday for the week with big indices higher than where they started on Monday.
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