Trump: tariff rollout "going very well," markets will "thrive" despite downturn

US President Donald Trump insisted on Thursday that the deployment of his new "reciprocal" tariffs "is going very well," despite markets falling and foreign leaders appearing concerned about the prospect of a global recession, The Hill reports, UNN writes.

Details

Trump, however, insisted that the markets would recover and reiterated that the "pain" would be short-lived, despite a wave of uncertainty clouding future prospects.

"I think it's going very well," Trump told reporters as he left the White House to attend LIV Golf events in Miami. "It was an operation like operating on a patient, and it's a big deal. I said it would be. $6 or $7 trillion is coming into our country."

"Markets will thrive, stocks will thrive, the country will thrive. And the rest of the world wants to see if there's a way to make a deal," Trump said, without elaborating on whether he would be open to negotiating with trading partners to lower tariffs.

White House officials told reporters before Wednesday's announcement: "This is not a negotiation, this is a national emergency."

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The US President announced a steep tariff policy on Wednesday that will introduce a 10 percent tariff on all imports and higher retaliatory tariffs for countries that the White House says have unfair trade practices, starting at 20 percent for the European Union and an overall 54 percent for China.

The announcement has strongly impacted market performance. The Dow Jones Industrial Average opened down more than 1,200 points, falling 2.8 percent for the day. The S&P 500 opened down 3.3 percent, and the Nasdaq Composite opened down 4.4 percent.

However, Trump maintained his main argument for imposing tariffs, saying that other countries "have taken advantage of us for many years."

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