President Donald Trump, the author of The Art of the Deal, has always made it clear that he is open to negotiation.
He emphasized the importance of negotiating from strength in the 1987 best seller.
But as he flew off for a Florida golf dinner on Thursday with the markets in revolt, the president faced a split among his closest advisors over the tariffs he unveiled on Wednesday.
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Trump gave the impression that he will not bend after imposing 10 percent tariffs on every foreign trader on Wednesday. Whether it is a negotiating tactic or not, the figures were very real to the affected countries—even if the math didn’t necessarily add up to much for many.
In most cases, the higher figures imposed on many trading partners reflect the size of the trade imbalance with the United States divided by how much America imports from the nation. But it isn’t consistent.
It hardly inspired confidence among world leaders that penguins are among those expected to pay a price for “ripping off” America. The Heard Island and McDonald Islands, Australian territories near Antarctica, have no people to tax, and the only thing the populations create is guano.
For now, at least, Trump is sticking to his guns.
Commerce Secretary Howard Lutnick bullishly declared that other nations should start examining their trade policies and “stop picking on us.” He even suggested further tariffs could be in store on drugs and chips.
Others in Trump’s inner circle pleaded for patience amid reports of retaliatory tariffs from friends and foes alike. China and the European Union will consider drastic action, although in Trumpworld, it was hard to know which count as America’s allies.
The great “Liberation Day” announcement in the White House Rose Garden had been delayed until 4 p.m. on Wednesday, presumably for the markets to close for the day and buy a little time.
Which just meant that Wall Street investors unleashed their pent-up panic on Thursday morning. Part of the problem is that traders simply didn’t know if the tariffs are set in stone.
Treasury Secretary Scott Bessent was the first to try to calm everyone down, suggesting the Trumped-up tariffs may be open to debate.
“One of the messages that I’d like to get out tonight is: Everybody sit back, take a deep breath, don’t immediately retaliate. Let’s see where this goes,” he told Kaitlin Collins on CNN. “Because if you retaliate, that’s how we get escalation.”
Agriculture Secretary Brooke Rollins hinted that there may be some wriggle room, telling Fox Business:
“The President is the ultimate dealmaker. ... His ability to make and cut deals and negotiate is unlike anything any of us have ever seen,” she told Fox Business. “Now, he will apply that for the benefit of the American people, the American economy, and for our farmers and ranchers.”
On Tuesday, White House Press Secretary Karoline Leavitt also appeared to invite debate on the tariffs, saying that Trump was “always up for a good negotiation.”
China is gearing up for a fight after learning it faced a new 34 percent tariff on top of the 20 percent it had already been handed.
In Europe, the verdict was already in on the 20 percent levy placed on the European Union. “There seems to be no order in the disorder, no clear path to the complexity and chaos that is being created,” said EU President Ursula von der Leyen.
When European leaders have tried to contact Trump or his acolytes, they have reportedly canceled meetings or been hard to reach.
Perhaps they should join Trump on the golf course.
