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Donald Trump admits to 'transition problems' in tariff plan: 'In the end, it’s going to be beautiful'
The US President's remark came hours after he hiked the tariff on Chinese imports to 145% from the 125% that kicked in earlier.
Amid the ongoing tariff war with Beijing, US President Donald Trump on Thursday said that he would love to get a deal with China to put an end to the escalating global trade turmoil.
Trump made the comments during a Cabinet meeting after US Treasury Secretary Scott Bessent said that as they settle deals with countries, it will bring more certainty to trade policy.
The Republican leader also expressed confidence in his tariffs plan and said that the country might face some 'transitional problems', but things will soon fall into place.
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“There’ll be a transition cost, and transition problems, but in the end, it’s going to be a beautiful thing,” Trump said Thursday during a Cabinet meeting. “We’re in very good shape.”
Trump's tariff on Chinese goods
The US President's remark came hours after he hiked the tariff on Chinese imports to 145% from the 125% that kicked in on Wednesday.
The number, published in a White House memo, comes in addition to a 20 per cent levy put into place earlier this year over China’s role in fentanyl trafficking.
The current US tariffs on Chinese imports include a 145 per cent duty on all products imported from China, 25 per cent tariffs on aluminium, automobiles, and goods from Canada and Mexico that do not fall under the United States-Mexico-Canada Agreement, and a 10 per cent levy on all other imported items.
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On Wednesday, the Republican leader announced a 90-day pause on 'reciprocal tariffs' on 'most nations' except China.
Despite the respite, the US stock markets fell again on Thursday after gaining big on President Donald Trump's reprieve on tariffs to most countries.
The US’s other trading partners will still face a 10% blanket import tax to allow a period to negotiate individual trade agreements. If that doesn’t succeed, the higher duties are set to go into place on July 9.
