During his campaign Donald Trump talked at length on implementing tariffs to protect US consumers and businesses. Since taking the Oval Office, Trump kept his promise on these tariffs and swiftly implemented them. However, some concerns and questions have been raised by businesses and economists over these tariffs. Trump, however, dismisses these business concerns.
Trump Dismisses Business Concerns on Tariffs
The President quickly imposed tariffs on Mexico, Canada, and China. However, Trump also paused greater tariffs on both Mexico in China over concerns of a trade war. Trump has made plans for reciprocal tariffs to go in place is just a month. The President said “April 2nd, it becomes all reciprocal… What they charge us, we charge them.” He seems confident in the future of America, but does acknowledge there could be slow economic growth in the short term.
The President was also asked about the possibility of a recession in 2025. President Trump said “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.” Trump also added “It takes a little time. It takes a little time.” The President believes that the US has been ripped off in the past, and that his policies will restore fairness. He said “for years the globalists, the big globalists have been ripping off the United States,” but now it seems to be coming to an end. The President continued, “all we’re doing is getting some of it back, and we’re going to treat our country fairly.”
When asked about the future of tariffs, Trump said “you know, the tariffs could go up as time goes by, and they may go up and, you know, I don’t know if it’s predictability.” Many economists expect more tariffs to come in the near future. Commerce Secretary Howard Lutnick said that 25% tariffs on steel and aluminum will take place on Wednesday March 12th. Of this Lutnick said “Will there be distortions? Of course. Foreign goods may get a little more expensive. But American goods are going to get cheaper, and you’re to to be helping Americans by buying American.”
Featured Image Credit: Markus Winkler; Pexels: Thank You!
