Despite stock market volatility and concerns about the state of the world economy, President Donald Trump stated he has no intention of pausing his tariffs before they take effect on Wednesday.
When asked Monday if he was considering delaying the implementation of his comprehensive tariffs, Trump responded, “We’re not looking at that.”
The president stated that other measures may be taken by nations to try to bring trade relations with the United States back into balance.
“We have many, many countries that are coming to negotiate deals with us,” Trump stated. “They’re going to be fair deals, and in certain cases, they’re going to be paying substantial tariffs.”
With the president praising a “very good” chat with Japan on Monday and stating that he anticipates his administration will soon be speaking with China, among other countries, some believe those talks are already under way.
On Wednesday, tariffs on China are anticipated to increase to 104%.
In response, China’s Ministry of Commerce stated that if the United States increased duties any higher, it would take “countermeasures.”
China is determined to protect its interests by taking countermeasures if the United States increases tariffs.
The ministry stated in a statement that the U.S.’s so-called “reciprocal tariffs” on China are unjustified and constitute classic unilateral intimidation.
In response to a question about whether the overall tariffs are negotiable or permanent, something his advisors found difficult to explain last week, Trump maintained that “they can both be true.”
“There could be permanent, and there could also be negotiations, because there are things that we need beyond tariffs,” he stated. “So we’re going to get fair deals and good deals with every country.”
Trump’s remarks come after days of market upheaval after he announced broad worldwide tariffs last week. After fluctuating throughout the day, U.S. stock markets closed down once more on Monday.
The president presented his tariff agenda in legacy-defining terms during a lengthy back-and-forth about his plans, telling reporters that “it would be nice to serve the nice, easy term, but we have an opportunity to change the fabric of our country.”
He continued, “It’s the only chance our country will have to reset the table — because no other president would be willing to do what I’m doing or to even go through it. Now, I don’t mind going through it because I see a beautiful picture at the end.”
Benjamin Netanyahu, the Israeli prime minister, sat next to him. Just a few minutes before, Netanyahu had pledged to remove some trade obstacles and a trade deficit with the United States “very quickly.”
Netanyahu claimed that Israel might “serve as a model” for countries hoping to restore parity with the White House.
Trump stated over the weekend that “sometimes you have to take medicine.”
This information has been sourced from NBC News.
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