6 days Ago
ISTANBUL Senior advisers to US President Donald Trump reportedly cautioned him weeks before the latest tariff decision that the measures could damage global markets and risk a downturn in the US economy. CBS News cited multiple sources saying internal divisions emerged well before the public announcement, despite the White House’s claims of unity on the tariff plan. In late March, Treasury Secretary Scott Bessent and trade adviser Peter Navarro clashed during internal debates.
Navarro pushed for a 25% tariff on all $3 trillion in imports. Bessent, drawing on his Wall Street background, warned of serious market instability and laid out alternative risk scenarios. Navarro denied the rift, telling CBS News: "Fake news from malevolent anonymous sources.
Scottie and I don't argue. We think things through." Commerce Secretary Howard Lutnick reportedly warned in separate meetings that some tariffs could cause a global economic crisis.
Though not part of core trade talks, Elon Musk, head of the unofficial Department of Government Efficiency, privately opposed the policy, criticized Navarro on social media, and called for eliminating tariffs between the US and EU. On April 2, the White House unveiled a 10% baseline tariff on foreign imports and higher reciprocal tariffs targeting dozens of countries, including key trading partners. Trump later said the elevated tariffs would be reduced to 10% for 90 days to allow time for negotiations.
That reduction excluded China. Instead, Trump raised tariffs on Chinese goods to 125%, adding an extra 20% levy, prompting Beijing to respond with retaliatory measures..
