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President Donald Trump on Wednesday admitted that his drastic tariffs are taking political risks, but he said he would not rush to trade deals to calm nervous investors.
At the News Nation town hall meeting hosted by Bill O’Reilly, Trump was asked whether his obligations threatened with foreign goods suffered from “recognitive issues.”
“Yeah,” he replied. “But I’m an honest person and we have to save the country.” The president acknowledged that Republicans could sacrifice control of the House in the midterm elections in November, but insisted he would push ahead. “I think we can convince people how good this is,” he said.
The statement follows the Bureau of Economic Analysis estimates that the US economy has contracted at the end of the year for the first time since 2022. The report cited floods of pre-duty imports and reduced federal spending. ADP’s research release said that if employment in April has not reached forecasts, the ADP release will shake Wall Street.
While many investors want a quick trade move, Trump told viewers he is “not in a hurry” than in the market. He said there is tentative understanding in South Korea, Japan and India, but warned that the announcement would not be overnight. “We’re sitting in cat bird seats. They want us. We don’t need them,” he declared, adding that India later “want to make the deal very bad.”
In China, Trump said there is a “very good opportunity” but “on our terms it has to be fair.” When O’Reilly proposed that the confirmed contract could trigger a stock rally, the president replied that the agreement was a “potential deal,” adding, “it’s fine, we can wait two weeks.”
Trump admitted that his customs playbook is difficult to describe as his customs playbook often opens and then pulls back on the most difficult lines. “You can’t just be a hard line. I’m going to run through the wall. I’m not going to go about it or around it. I’m going straight.
Officials are reassuring Wall Street, where the story is going well.
US trade representative Jamieson Greer told Fox News that the first batch of contracts was “not months, not weeks.” “I think we have a close deal,” Greer said. He emphasized that he was talking about the “first tranches” of the trade agreement, rather than the complete agenda.
Greer said negotiations with India “were not close to the finish line,” but he speaks regularly with key envoys in New Delhi. He hopes to meet his Korean counterparts “quite soon,” and describes those talks as “going in the right direction.”
On Thursday, he planned sessions with Japan, Guyana and Saudi Arabia, followed by meetings with representatives from the Philippines. Administration officials say early engaged Asian partners can see the agreement being first announced.
The trade mission called newly elected Canadian Prime Minister Mark Kearney a “serious person” and said that his office is ready to engage when Kearney visits Washington.
Trump defended the economic record for a portion of the day and denounced former President Joe Biden’s GDP slide. “This is the Biden economy,” he told dozens of business leaders at the White House, adding, “a lot has happened since November 5th.”
Executives from General Electric, Hyundai Motor, Toyota Motor, Johnson & Johnson, Eli Lilly, Nvidia and SoftBank took part in an event highlighting Trump’s capital spending in his first 100 days.
The S&P 500 has fallen more than 8% since its inauguration date, bringing consumer confidence to nearly five years’ lows in April. Still, Trump claimed that his tariffs were fueling a “unprecedented surge” in domestic manufacturing.
“Every new factory and every new job created is a sign of strength in the American economy and a declaration of trust in America’s future,” he said at the end of the meeting.
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