President Trump has defended the tariffs he placed on numerous countries as “appropriate,” dismissing worries about the negative impact on stock markets.
President Trump has suggested that countries unhappy with U.S. tariffs on their goods should simply cease trading with the United States. He also stated that his recent trade policies have strengthened the U.S. and are bringing in “billions of dollars a day.”
On Wednesday, the U.S. president imposed higher “reciprocal” tariffs on almost 90 countries, only to announce a temporary 90-day pause and a “substantially lowered Reciprocal Tariff during this period, of 10%,” on his Truth Social platform a few hours later. However, this pause excludes China, which is engaged in a trade war with the U.S. involving escalating tariffs, with the majority of Beijing’s imports now facing a 145% duty.
Speaking to reporters on Air Force One on Friday, Trump stated that “ultimately, we pretty much can do what we want to do.”
“We can set the tariff, and they can choose not to deal with us, or they can choose to pay it,” he explained, asserting that “if they think it’s too high, they don’t have to do business with us.”
Trump insisted that the tariffs he has introduced are “appropriate,” arguing that “there could be a couple of exceptions for obvious reasons, but I would say 10 percent is a floor.”
Trump also dismissed concerns regarding stock market volatility in response to his trade policies.
”The bond market’s going good. It had a little moment but I solved that problem very quickly. I’m very good at that stuff,” the president claimed.
When asked if he was concerned that the extensive tariffs might negatively affect the dollar’s global status, Trump responded that it will “always” remain the “currency of choice.”
Regarding countries attempting to move away from the U.S. dollar, “I would tell you that within about one phone call they would be back on the dollar,” the president asserted.
Speaking at a National Republican Congressional Committee (NRCC) dinner on Tuesday night, Trump said that dozens of countries “are calling us up, kissing my ass” to negotiate a way out of stiffer tariffs.
Trump’s recent actions caused turmoil in U.S. stock markets, leading to trillions of dollars in losses within days. However, his decision to reduce tariffs on most countries to a “baseline” of 10% led to a subsequent market recovery.
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