Trump tariffs: Bessent seeks ‘meaningful negotiations’ with more than 50 countries

Trump is rejecting the European Union’s offer of “zero-for-zero” tariffs with the U.S. for industrial goods.

“No, it’s not,” Trump said in the Oval Office when asked if the deal, which European Commission President Ursula von der Leyen floated earlier Monday, was enough.

“They’re screwing us on trade,” Trump said, criticizing the EU and the North Atlantic Treaty Organization, or NATO.

Two Republican senators, Mike Lee of Utah and Wisconsin’s Ron Johnson, have encouraged Trump to take von der Leyen’s deal.

— Kevin Breuninger

A warning against retaliation tops a list of five steps countries can take to reduce the burden on the United States from the dollar being the world’s reserve currency, the head of the White House’s Council of Economic Advisers said.

CEA Chair Stephen Miran, speaking at a Hudson Institute event, said that the U.S. dollar and Treasury securities “make possible the global trading and financial system which has supported the greatest era of prosperity mankind has ever known.”

But that, and the U.S. security umbrella, “are costly for us to provide,” Miran said. 

“The best outcome is one in which America continues to create global peace and prosperity and remain the reserve provider, and other countries not only participate in reaping the benefits, but they also participate in bearing the costs,” he said.

Here are the five options for burden sharing Miran suggests:

Israel Prime Minister Benjamin Netanyahu said his country will “eliminate the trade deficit with the United States.”

“We’re going to also eliminate trade barriers, a variety of trade barriers, that have been put up unnecessarily,” Netanyahu said in the Oval Office.

Trump last week announced a 17% tariff on Israel, even after the Middle East ally said it would scrap its own tariffs on U.S. goods.

— Kevin Breuninger

The White House is prepared to hold “meaningful negotiations” in the coming weeks with some of the more than 50 countries that have responded “positively” to Trump’s tariffs, Bessent says in an X post.

The treasury secretary draws a contrast between these countries and China, which he claims has “chosen to isolate itself by retaliating and doubling down on previous negative behavior.”

— Erin Doherty

U.S. oil prices fell about 2% on Monday, adding to last week’s steep losses on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.

U.S .crude oil fell $1.29, or 2.08%, to close at $60.70 per barrel, while Brent lost $1.37, or 2.09%, to settle at $64.21. The latest price action comes after U.S. crude and Brent closed down more than 10% last week.

Futures tied to U.S. West Texas intermediate crude hit a session low of $58.95 per barrel, the lowest level since 2021. Global benchmark Brent fell to an intraday low of $62.51.

— Spencer Kimball

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will negotiate with Japan on Trump’s tariffs, Bessent says in a new X post.

“Japan remains among America’s closest allies, and I look forward to our upcoming productive engagement regarding tariffs, non-tariff trade barriers, currency issues, and government subsidies,” Bessent writes.

The Japanese government’s “outreach and measured approach” are appreciated, he adds.

— Erin Doherty

Prices of cars and trucks are expected to rise as a result of Trump’s tariffs, according to a new analysis from industry experts at Cox Automotive.

The firm expects the already implemented 25% tariffs on imported vehicles and upcoming 25% levies on auto parts will add thousands of dollars to the costs of imported and domestic vehicles.

“We expect to see declining discounting and then accelerated price increases as the tariffs are passed through and supply tightens, leading to price increases on all types of most new vehicles,” Cox Automotive Chief Economist Jonathan Smoke said. “Over the longer term, we expect production sales to fall, newly used prices to increase, and some models to be eliminated.”

While the tariffs do not directly impact used car sales, changes in new vehicle prices, production and demand affect the used car market, which is how the majority of Americans purchase a vehicle.

Read the full story here.

— Michael Wayland and Michele Luhn

The White House canceled a press conference with Trump and Israeli Prime Minister Benjamin Netanyahu

The event had been scheduled for 2:30 p.m. ET.

A meeting between Trump and Netanyahu at 2 p.m. will proceed as planned, the White House said. Reporters will be admitted into the Oval Office for that event.

— Kevin Breuninger

BlackRock CEO Larry Fink says that most other chief executives he speaks with “would say we are probably in a recession right now.”

Fink also says that he could see stock markets falling by another 20%.

“One CEO specifically said the airline industry is a proverbial bird in a coal mine — canary in the coal mine — and I was told that the canary is sick already,” Fink said during an event at the Economic Club of New York.

— Jesse Pound and Dan Mangan

Trump plans to veto a bipartisan bill that would give Congress a say on his tariffs if it lands on his desk.

The White House’s Office of Management and Budget, in a statement, said it strongly opposes the bill because it would “severely constrain” Trump’s power to “respond to national emergencies and foreign threats.”

The legislation, dubbed the Trade Review Act of 2025, would empower Congress to either approve Trump’s new tariffs or let them expire. Sens. Chuck Grassley, R-Iowa, and Maria Cantwell, D-Wash., sponsored the bill.

If the act passes both chambers of Congress, Trump “would veto the bill,” OMB said.

Trump previously vowed to veto a different bill that would effectively undo the tariffs he imposed on Canadian imports. The Senate approved that bill with the help of four Republican votes.

— Kevin Breuninger

Trump ordered the proposed acquisition of U.S. Steel by Japan’s Nippon Steel to undergo a new review after the deal was blocked by President Joe Biden.

Trump directed the Committee on Foreign Investment in the United States to review the acquisition again to assist “in determining whether further action in this matter may be appropriate,” according to a presidential action issued by the White House.

U.S. Steel shares spiked about 9% in reaction to the decision.

— Spencer Kimball

Restaurant stocks fell in afternoon trading as investors worry that the Trump tariffs will weigh on consumer spending.

Investors pulled back across restaurant segments, from fast food to full-service dining.

Shares of Starbucks fell more than 3%, following a downgrade to neutral from Baird, citing near-term economic headwinds. The coffee chain, which is already attempting to turn around its U.S. business, has seen its shares sink nearly 20% since Trump unveiled the new tariffs.

“Explanations for the drawdown we heard included higher coffee costs from tariffs, anti-American sentiment, and recession risk,” Bank of America Securities analyst Sara Senatore wrote in a research note on Saturday.

Read the full story.

— Amelia Lucas

U.S. airlines are expected to cut their outlooks for the year when they report earnings starting this week, analysts say.

The industry is seeing cracks in demand for travel. And airline stocks have fallen as investor concerns have grown about Trump’s tariff policies, among other things.

“The level of sell-off is worse than the reality right now, but it doesn’t necessarily mean it won’t be the reality six months from now,” Raymond James analyst Savanthi Syth said.

TD Cowen, in a note Friday wrote, “We…