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US President Donald Trump on Thursday said that his tariff policy would come with a “transition cost,” as markets dropped again due to ongoing uncertainty around the trade conflict.
“There will be a transition cost, and transition problems, but in the end, it’s going to be a beautiful thing,” Trump said. The US president is aiming to change the global economy by encouraging manufacturers to operate from the United States.
His comment came shortly after the White House said that tariffs on China would rise to 145 per cent on some products. This includes a previous 20 per cent tariff on those making the drug fentanyl.
Despite the tensions, Trump said he still hopes to make an agreement with China. “I think we’ll end up working something out that’s very good for both countries. I look forward to it,” he said.
Markets continued to show signs of trouble on Friday, after Trump’s earlier announcement of a 10 per cent tariff on all countries except China.
On Wednesday afternoon, Trump said that for 90 days, the US would apply a flat 10 per cent tariff on all countries except China, instead of setting different “reciprocal” tariffs for each country.
Trump also paused a plan to impose tariffs as high as 50 per cent on countries he described as the “worst offenders.” However, the trade dispute with China remains.
Meanwhile, China has increased its retaliatory tariffs on American goods to 84 per cent .
In a televised cabinet meeting, Trump said, “There would always be transition difficulty,” but added that “it was the biggest day in history in markets.”
He said investors were pleased with how the US was managing its trade policy and that the country was “trying to get the world to treat us fairly.”
He also said, “everybody wants to come and make a deal” to lower tariffs.
US commerce secretary Howard Lutnick, who was also at the meeting, said several countries were entering talks and bringing “offers they never would have” if not for Trump’s trade actions.
“We’re getting the respect we deserve now,” Lutnick said. “I think you’re going to see historic deals one after the other.”
Moreover, Trump also said the US would “love to be able to work a deal (with China)” and added that he had “great respect for President Xi.” He also said he thought they would “end up working something out that’s very good for both countries.”
He repeated his claim that China had “taken advantage” and “ripped off” the US “more than anybody” for a long time.
Meanwhile, China announced that it would reduce the number of American-made films in its cinemas. It also said that the trade dispute had lowered interest in Hollywood movies among Chinese audiences.
Currently, China allows up to 34 US films each year. Local movies are becoming more popular.
The European Union said it would pause its planned countermeasures against the US for 90 days. These were scheduled to start on April 15.
On Wednesday, 26 out of 27 EU countries — all except Hungary — voted to apply tariffs in response to the US 20 per cent tariff.
European Commission President Ursula von der Leyen said in a statement that the EU wanted “to give negotiations a chance.”
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