Fox News Interview
"There Is a Transitional Period in Major Efforts to Restore Wealth to America"
U.S. President Donald Trump reaffirmed his plan to impose reciprocal tariffs on all U.S. trading partners starting April 2. Regarding forecasts of a tariff-induced 'Trumpsession' (an economic recession caused by President Trump's policies), he said, "There is a transitional period in big events," not completely ruling out the possibility. This is interpreted as a demonstration of his determination to push forward with the tariff assault even if the U.S. economy falls into a short-term recession.
In an interview with Fox News aired on the 9th (local time), President Trump was asked about the possibility of a recession this year and replied, "I don't want to predict such a thing." He emphasized, "We are doing something very big, and there is always a transitional period in such matters. We are doing something big to bring wealth back to America. These things always take some time, but I believe it will be better for us."
This implies that while raising tariffs to resolve the chronic U.S. trade deficit and restore manufacturing may cause short-term economic turmoil, it is a necessary step.
President Trump announced that reciprocal tariffs corresponding to the tariffs and non-tariff barriers imposed by other countries will be implemented as scheduled next month. He said, "On April 2, everything will be reciprocal," adding, "Whatever they impose on us, we will impose on them."
Regarding the tariff exemptions for Canada and Mexico, he said he "wanted to help" the two countries but hinted at the possibility of raising tariff rates in the future. He stated, "We are a big country. They do a lot of business with us, but they are much less important to us. We do almost nothing with Canada." He also added that he wanted to help U.S. automakers until April 2.
President Trump said, "Tariffs can go up over time, and probably will."
Since his inauguration on January 20, President Trump has been continuously dropping 'tariff bombs,' increasing market anxiety due to trade policy uncertainty. On the 4th, he imposed a 25% tariff on Canada and Mexico after a one-month exemption, then exempted them again for about a month two days later. On the 12th of this month, 25% tariffs on steel and aluminum imports were imposed, and reciprocal tariffs are scheduled for next month. This tariff spree has heightened fears of a recession in the market. Last week, the S&P 500 and Nasdaq indexes in the U.S. New York stock market fell by 3.1% and 3.45%, respectively.
Contrary to President Trump's remarks on the day, which indicated a willingness to endure short-term pain to push aggressive tariff policies, U.S. Commerce Secretary Wilbur Ross dismissed the possibility of a recession. Appearing on NBC News that day, Secretary Ross said that with President Trump's reciprocal tariffs, "global tariffs will decrease," and "there will be no recession in the U.S.," calming market concerns. However, he acknowledged the possibility of inflation caused by tariffs. He explained, "Some foreign products may become more expensive, but American products will become cheaper. That is the point."
Additionally, in the Fox News interview, President Trump criticized Ukrainian President Volodymyr Zelensky, with whom he recently had a public clash during a summit, saying, "He doesn't know how to be grateful," and accused him of "taking money out of our country like taking candy from a baby under (former U.S. President) Joe Biden's administration." When asked if the mineral agreement with Ukraine would be restored, he replied, "Yes."
On the same day, the U.S. State Department announced that from the 10th to the 12th, it would meet with the Ukrainian side in Saudi Arabia to discuss ending the Russia-Ukraine war and the mineral agreement between the U.S. and Ukraine. Secretary of State Mike Pompeo will lead the delegation and participate in the negotiations.
Regarding criticism that he sides with Russia, the aggressor, rather than Ukraine, the victim, in the peace negotiation process, President Trump claimed, "No one has been tougher on Russia than Donald Trump," and asserted, "I am the only person who blocked the Nord Stream 2 gas pipeline."
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