Donald Trump, the president of the US, on Wednesday defended his surprise decision to halt tariffs on most nations for 90 days, blaming market reactions and what he described as” a little yippy” and “afraid” people.
Trump acknowledged that turmoil in financial markets, particularly the relationship business, prompted him to reevaluate his tax position while speaking to reporters outside the White House during an event with NASCAR leaders. Trump continued,” I saw last night where people were getting a small queasy,” adding that the bond market is in good shape.
The president claimed that his decision to reduce taxes “quite early this morning” and that it was made “from our hearts” in a Truth Social article. He said,” We don’t want to hurt countries that don’t want to be hurt, and they all want to negotiate.”
Trump emphasized that while he has halted levies on most countries, China’s jobs have increased to 12 %. China “was the biggest offender in history,” he claimed, claiming Beijing wants a bargain but “does not really understand how to go about it.” Trump predicted that” a contract’s going to be made with China.” A deal will be struck with each of them, making reference to additional US business associates.
Trump defended his first push for strict tariffs, claiming that the current trade situation was” not green” and that” someone had to pull the trigger.” He declared to the writers,” I was willing to pull the trigger.”
Trump objected to the idea of applying professional criteria when asked how he might decide exemptions for companies that are hardest hit by tariffs. Simply instinctively, he said. You “almost have to put a pencil on report.” It’s more of an instinct than anything.
Trump’s statement of a 90-day delay and a reduced 10 % reciprocal tax earlier in the day sent US businesses into a high. The S&, P 500 increased by almost 3,000 points to close one of its biggest one-day profits since World War II, while the Dow Jones Industrial Average increased by nearly 3,000 items.
Trump claimed that the situation is still fluid and that “nothing is through but” despite the dramatic turnaround. He continued to insist that policy requires flexibility. He reaffirmed his change in tone, saying,” You have to have flexibility,” after previously saying there would be no delay.
