President Donald Trump acknowledged on Thursday that his tariff policy changes will be problematic, but said he had pursued them because no one else had taken the problems.
Speaking at a meeting of the cabinet, Trump defended the change of commercial strategy as a necessary correction, despite short -term pain. “The transition is difficult, but the end result will be positive,” he said, according to a CNBC livestream.
Trump does not raise the extension of the 90 -day break on his “reciprocal” prices. At a meeting of the firm, he said that if he could not obtain favorable agreements with American trade partners, prices will return to higher rates after the break.
When asked to prolong the break, he replied: “We will have to see what’s going on”, according to CNBC.
The main American stock market indices closed further today, the S&P 500 down 3.46%, the NASDAQ dropped by 4.31%and the DOW decreasing by 2.50%.
Bitcoin (BTC) abandoned some of his earnings from April 9 and is traded at $ 79,800. Overall, it was a difficult day for investors at all levels.
Covid economic conditions
The remarks came while economic anxiety increases among American monetary decision -makers. The president of the Chicago Federal Reserve Bank, Austan Goolsbee, spoke by a return to the economic conditions observed during the Pandemic COVID-19.
Citing a loss of confidence and increasing anxiety in the district, Goolsbee warned that the reverse of feeling could create wider risks for the economy.
A Wall Street Journal report added an additional context to Trump’s commercial approach, revealing that the former president had previously accepted the risk of a shallow recession in order to avoid deeper depression.
However, in the midst of market volatility and a sharp increase in treasury yields, Trump reversed the course on certain prices.
The decision, influenced by the collapse of the bond markets and the advice of the director of the National Economic Council Kevin Hassett, helped stimulate a rebound in the market on April 9. The S&P 500 has displayed its stronger day since 2008.
The secretary of the Treasury, Scott Bessent would have played an important role in coordinating the change of policy.
