Trump describes customs duties as “medicine”

US President Donald Trump told foreign governments today that it would have to pay “huge sums” to raise comprehensive customs duties, describing the fees as “drug” and more disturbances in global financial markets.

Asian stocks recorded heavy losses in early transactions, and the futures for the American stock market decreased sharply, as investors expressed their concerns that Trump’s customs duties will lead to high prices, poor demand, low confidence, and possibly global stagnation.

In statements to reporters on the presidential plane, Trump indicated that he was not concerned about the losses that have lost stock markets around the world trillion dollars of their value.

“I don’t want anything to decrease. But sometimes, you have to take the medicine to fix something.”

Trump added that he spoke to leaders from Europe and Asia during his vacation, and these leaders hope to persuade him to reduce customs duties by up to 50 percent and is scheduled to enter into force this week.

“They come to the negotiating table … they want to speak, but there will be no talk unless they pay us huge sums annually,” Trump said.

Trump’s declaration of customs duties last week confused the world’s economies, prompting China to impose counter -fees and concern about a global trade war and economic recession.

Political investors and leaders face difficulty in determining whether Trump’s customs duties will remain in place, whether it is part of a new new system, or is it a negotiating tactic to gain concessions from other countries.

Trump’s senior economic advisers sought to photograph customs duties as a smart position of the United States in the global commercial system.

Treasury Secretary Scott Besent said that more than 50 countries have started negotiations with the United States since the announcement of last Wednesday.

For his part, the Minister of Commerce Howard Lottenic said in an interview with CBS that customs duties will remain “for days and weeks.”

Israeli Prime Minister Benjamin Netanyahu said that he would seek a 17 percent exemption from customs duties on his country’s goods during a decision with Trump, on Monday.
In Italy, Prime Minister Georgeta Meloni pledged to protect companies affected by a 20 percent customs duties on commodities coming from the European Union.