President Trump set it straight on Sunday that he will not raise tariffs on foreign countries unless America gets rid of its trade imbalances with other nations such as China and the European Union.
His words indicate that the steep import levies—which have raised eyebrows among global markets and business communities worldwide—will be in place for the foreseeable future.
"Hundred of billions of dollars a year we're losing with China," Mr. Trump said to reporters on Air Force One. "And if we don't solve that issue, I'm not going to make a deal." He added, saying he's "willing to make a deal with China," but the country must first "get rid of their surplus."
These remarks followed shortly after White House officials acted swiftly to defend the president's broad tariff policy, which created huge disruption in financial markets just days earlier. As Trump departed his Mar-a-Lago resort to spend the day golfing in Jupiter, Florida, his senior economic advisors played down the reaction in global markets, insisting that the administration's trade actions would ultimately serve the U.S. economy.
Despite this, some ambiguity remains over whether the president views tariffs as a long-term measure or simply as leverage in negotiations. On Sunday, multiple aides reported that over 50 countries had reached out in hopes of negotiating their way out of the looming tariffs.
“The tariffs are coming. Of course they are,” Commerce Secretary Howard Lutnick stated during an appearance on CBS’s “Face the Nation.”
Trump also disclosed that European and Asian leaders were willing to bargain. He renewed his longstanding argument that the U.S. was treated unfairly by its European trade partners and highlighted, "there's no talk unless they pay us a lot of money on a yearly basis."
Later in the evening, the president went online, reaffirming his confidence that tariffs are the solution to balancing America's "massive Financial Deficits" with nations such as China and those in Europe. He pointed out that these tariffs are now generating tens of billions of dollars for the U.S. economy.
"Some day people will understand that Tariffs, for the United States of America, are a very beautiful thing!" he wrote.
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