President Donald Trump canceled a scheduled press conference with Israeli Prime Minister Benjamin Netanyahu on Monday as the president’s tariff agenda drives significant economic uncertainty.
The Monday afternoon press conference, pegged to a working bilateral meeting between White House officials and their Israeli counterparts, comes just days after Trump announced “reciprocal” tariffs on most of the nation’s trading partners, including Israel, in a move that has roiled the global economy.
The White House declined to state a reason for why the press conference was canceled.
Trump slapped a 17% reciprocal tariff on Israel even after the Jewish nation removed its remaining tariffs on imports from the U.S. It is set to go into effect, along with reciprocal tariffs on all U.S.-trading partners, on Wednesday.
The president’s announcement of his “Liberation Day” agenda, which included a flat 10% tariff on all countries that was implemented over the weekend, in addition to “reciprocal” tariffs based on other countries’ existing barrier taxes, sent domestic and foreign financial markets into a tailspin late last week.
The Nasdaq fell into a bear market Monday morning, down 24% since last year’s high, with the S&P 500 dropping 20% since February, and the Dow Jones Industrial Average posting back-to-back losses of more than 1,500 points for the first time ever on Thursday and Friday.
The markets surged briefly after opening Monday morning after news aggregators claimed that Kevin Hassett, the director of Trump’s National Economic Council, said the president was considering a 90-day pause on his tariff agenda. Stocks quickly fell back into the red after the White House called those reports “fake news.”
“I think they’re at this stage now where they’re trying to coerce the president into making decisions the president has never indicated he wants to do. In an effort to put pressure on the administration, I think they’re just coming up with s***, which is dangerous,” a senior White House official told the Washington Examiner, referencing the market spike and fall spurred by the Hassett story. “I think what they’re doing is irresponsible. Let the president lead on this. He’s been very consistent. I think the market was going to react the way it was reacting already just based off the president’s position.”
That White House aide said more than 50 countries have approached the administration since Wednesday’s announcement for negotiations on trade.
European Commission President Ursula von der Leyen claimed that the European Union, facing a 20% tariff, stands “ready to negotiate with the U.S.” during a press conference alongside Norwegian Prime Minister Jonas Gahr Store.
Furthermore, Trump again raised the stakes Monday morning by threatening to impose an additional 50% tariff on China if it doesn’t drop its own 34% retaliatory tariffs by Tuesday. A 50% increase would bring the effective tariff rate on Chinese imports up to 104%.
Netanyahu is the first foreign leader to meet with Trump since the sweeping tariffs were announced last week.
Before Monday’s meeting with Trump, Netanyahu met with Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
Details of the conversations were not released, but the Israeli leader’s office said the meeting with Lutnick was “warm, friendly and productive.”
Netanyahu’s second visit to the White House during the second Trump administration also featured discussions about Israel’s battle with Hamas.
During Netanyahu’s first visit in February, Trump floated the U.S. taking control of the Gaza Strip and redeveloping it into the “Riviera of the Middle East.” The effort, if it came to fruition, would have led to the displacement of Palestinian families living in the area.
TRUMP THREATENS ADDITIONAL 50% TARIFF ON CHINA
But the suggestion was swiftly denounced by leaders of Arab states, including King Abdullah II of Jordan and Egyptian President Abdel Fattah El Sisi, and several Democrats.
Trump later moved away from his idea of controlling the Gaza Strip. “Nobody is expelling any Palestinians,” Trump said during an Oval Office press conference with Irish Taoiseach Micheal Martin in March.