President Donald Trump is downplaying business concerns over the uncertainty caused by his planned tariffs on American trading partners. Despite warnings from economic analysts, Trump insists that his measures will bring wealth back to the United States by imposing "reciprocal" tariffs starting April 2. This move aims to match the tariffs that other countries assess on U.S. goods.
The Commerce Secretary, Howard Lutnick, confirmed on NBC's "Meet the Press" that a 25% tariff on steel and aluminum imports will take effect on Wednesday. Trump has made it clear that more tariffs are on the horizon.
"April 2nd, it becomes all reciprocal." – Howard Lutnick
Trump has also threatened tariffs on Canadian dairy and lumber, which will be postponed until April. While he recently lifted tariffs on American car manufacturers in Mexico and Canada, he maintained them on Chinese goods, signaling a complex trade strategy.
Economic experts have raised alarms about potential negative impacts on U.S. growth. The Atlanta Federal Reserve has warned of an economic contraction in the first quarter of the year. Trump, however, remains optimistic, stating that American goods will become cheaper, which will benefit consumers and promote buying American.
"I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing." – Donald Trump
The President acknowledged the possibility of a recession this year but emphasized his focus on economic recovery and fairness for the U.S. economy.
"For years the globalists, the big globalists have been ripping off the United States." – Donald Trump
"All we're doing is getting some of it back, and we're going to treat our country fairly." – Donald Trump
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