The president said his tariff strategy focuses on the future, not on the short-term fluctuations in the stock market.
WASHINGTON – President Donald Trump said on March 9 that his tariff plans are likely to affect the economy, describing it as a “transition period” that will ultimately benefit the country.
“What we’re doing is so big, so there’s a transition period. Trump brings his wealth back to America in an interview with Maria Bartiromo, host of Fox News’ Sunday Morning Futures.
When asked about business leaders expressing concern about the uncertainty and market volatility that his tariff announcement caused, Trump said his focus remains in the future.
“Look, all I have to do is build a strong country. You really can’t see the stock market,” he said. “If you look at China, there’s a 100-year perspective. There’s a quarter. We go in a quarter. And you can’t go with that. You have to do the right thing. What we’re doing is laying an incredible foundation for the future.”
Trump predicted that tariffs could rise, but he assured business owners that they had “sufficient clarity.”
“Look, our country will not be deprived of us for decades, for decades,” he said.
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The president also said that his policies, interest rates and energy prices will drop, and that ease the burden on consumers and businesses.
On March 4, Trump imposed a 25% tariff on goods imported from Mexico and Canada. In February, he imposed a new 10% tariff on Chinese products, which recently increased to 20%.
On March 6, he revised the Mexico and Canada tariffs and granted exemptions from products covered by the US-Mexico Contract (USMCA) until April 2. The USMCA was enacted during Trump’s first administration.
The Trump administration also provided carmakers with a one-month exemption from tariffs imposed on Mexico and Canada. The decision came after the heads of Ford, General Motors and Stellantis requested during a call with Trump.
Trump said he will proceed with his plan to provide a transition period to support automakers and impose what is called “mutual tariffs” starting April 2nd.
“It’s a transition period. And it’s a transition to April, and since then I haven’t done this,” Trump said in an interview with Baltiromo.
“I said, look, I’m trying to do this once, but then I haven’t done it. They called me and they wanted help during this little transition period and I gave them it.”
Trump has repeatedly said he intends to impose mutual tariffs on all countries from April 2nd. The president said the plan aims to create a more balanced mutual trade relationship, while reducing US trade relations with other countries.
On February 10, Trump reintroduced a 25% tariff on steel imports and reintroduced an increase in tariffs on aluminum imports from 10% to 25%. These obligations are set to take effect on March 12th.
