President Donald Trump says he’s eager to strike a trade deal with China but warned Americans that there could be some short-term pain before things get better.
Speaking during a Cabinet meeting on Thursday, Trump told reporters, “Would love to get a deal with China,” and added, “Think we will end up working out something good for both countries.” The meeting, which was opened to the press, focused heavily on trade and the direction of U.S. economic policy if Trump returns to office.
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Treasury Secretary Scott Bessent supported the message, saying that as trade deals with other countries are finalized, it will bring more certainty to U.S. trade policy.
Trump also brought up the ongoing war in Ukraine, noting that some progress was being made. “We’re making progress on getting Russia-Ukraine war stopped,” he said, without offering further detail.
When it comes to tariffs, Trump doubled down. He said the revenue brought in from tariffs would be used to pay down the national debt. “Would use money from tariffs to pay down debt,” he stated, and later added that the funds could also be directed toward lowering taxes, funding government programs, and “helping” the U.S.-Mexico border.
He made it clear there would be no exemptions for any country or company. “We’re not considering exemptions,” he said, warning that if no deals are reached within a 90-day window, the U.S. would bring back higher tariffs.
Trump also touched on trade with Europe, saying he’s looking at the European Union as a single unit when it comes to tariff discussions. “Looking at EU as one block on tariffs,” he said.
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But it wasn’t all optimism. Trump acknowledged there would be what he called a “transition cost” to his policies – and that Wall Street may feel it in the short run. Stocks have already taken a hit as the trade war with China intensifies. “There will be a transition cost and transition problems, but in the end, it’s going to be a beautiful thing,” he said.
Trump, who continues to shape the conversation around U.S. economic policy as he eyes a return to the presidency, has made clear that tariffs and reshaping global trade remain central to his agenda. His goal: bring manufacturing back to the U.S. and reset America’s role in the global economy.
With markets watching closely and international partners unsure of what’s next, Trump’s vision could mark a major shift if he finds himself back in the Oval Office.
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