$BTC $ETH $PAXG - Mr. Trump announces to stop tax negotiations Gold benefits as the world fears a crisis !
- President Donald Trump has just announced the halt of negotiations with each country. Moody's has also downgraded the U.S. from the highest credit rating due to rising fiscal deficits and government interest payments.
- President Donald Trump announced on May 16 that the U.S. will announce tax levels for trade partners within the next 2 to 3 weeks, instead of continuing negotiations with each country.
Many countries have approached the U.S. and requested to negotiate separate agreements, but Mr. Trump emphasized that the U.S. "cannot meet all those who want to meet us." "At the same time, we have 150 countries wanting to reach an agreement," Mr. Trump said.
President Trump stated that U.S. Treasury Secretary Scott Bessent and U.S. Secretary of Commerce Howard Lutnick will be responsible for sending letters detailing the new tariffs that will apply to each country. "The new tariffs will be very fair, but we will let everyone know how much they will have to pay to do business in the U.S.,” Mr. Trump added.
The White House has yet to disclose the contents of the letters as well as the exact tariffs that will be applied. It is currently unclear whether countries will be given a timeline or conditions to change the tax rates.
On the same day, credit rating agency Moody's announced a downgrade of the U.S. rating from the highest level of Aaa to Aa1. Previously, in 2023, they had adjusted the U.S. credit outlook from "stable" to "negative," due to rising fiscal deficits and interest payments.
