Trump addresses stock market losses, China trade deficit
The president spoke with reporters aboard Air Force One on Sunday.
The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.
On Sunday, ABC's "This Week" anchor George Stephanopoulos pressed White House National Economic Council Director Kevin Hassett about Trump reposting a video that said he was tanking the markets to force the Fed to lower interest rates. Hassett said Trump was entitled to his opinion, but denied that his tariff policy was intended to put pressure on the Fed to lower rates.
Trading on Thursday and Friday marked the worst days for U.S. stocks since 2020.
Key Headlines
- Economic adviser denies Trump’s tanking markets to force rate cuts
- House Republican also planning bill to rein in Trump’s tariff authority
- Trump delivers message to Americans as tariffs take effect: 'HANG TOUGH'
- Universal 10% tariffs in effect as Wall Street continues reeling
- Trump says businesses aren’t worried about tariffs
Trump says tariffs can be used for negotiation, including TikTok
Trump was asked if he was open to speaking to any of the countries affected by the tariffs and he said it depends on what they were offering.
"For instance ... we have a situation with TikTok where China will probably say, we’ll approve a deal, but will you do something on the tariff? The tariffs give us great power to negotiate," he said.
Trump says tariffs on chips, pharmaceuticals coming soon
Trump told reporters that tariffs on computer chips and pharmaceuticals are being worked on and would be on a "level that you haven't really seen before."
"It's a separate category, and we'll be announcing that sometime in the near future, not too distant future. That's under review right now," he said without giving more details.
Trump brushes off market woes
Trump spoke with reporters on Air Force One and was asked to chime in with disasters day for the stock market.
The president claimed that he was handed "a terrible economy" alleging many manufacturing jobs were lost.
"It's going to be amazing actually and we see it because we have trillions of dollars committed to come in, trillions," he claimed.
Trump also alleged that more plants will be opening. Jeep maker Stellantis said on Thursday it will temporarily pause production at two plants.
Trump says things are 'going very well' as his tariff plan roils markets
President Donald Trump took a single question as he left the White House on Thursday for Miami as his tariff announcement continued to rock the world economy.
"Markets today are way down ... How's it going?" a reporter asked the president.
"I think it's going very well," Trump responded. "It was an operation. It's like when a patient gets operated on and it's a big thing. I said this would exactly be the way it is."
Trump continued to project confidence and said nations to be impacted are now trying to see if they can "make a deal."
"The markets are going to boom, the stock is going to boom, the country is going to boom, and the rest of the world wants to see is there any way they can make a deal?" Trump said. "They've taken advantage of us for many, many years. For many years we've been at the wrong side of the ball. And I'll tell you what, I think it's going to be unbelievable."