President Donald Trump said he was not tracking a fall in the stock market as he met with his Cabinet secretaries, a plunge on Thursday that came amid worsening trade tensions with China.
“I haven’t seen it because I’ve been here for two and a half hours,” Trump said in response to a reporter’s question about the market, punting to his Treasury secretary, who was seated opposite him.
“Up two, down one is not a bad ratio, or up 10 down five,” Treasury Secretary Scott Bessent then answered. “And I think, as we have talked about, as we go through the queue and settle with these countries who are going to bring us their best offers, we will end up in a place of great certainty over the next 90 days on tariffs.”
The Trump administration increased tariffs on Chinese goods to 145% after China imposed its own retaliatory tariffs on the U.S., and as Washington temporarily reduced most of its reciprocal tariffs — with China exempted.
The tariffs had sparked a week of economic turmoil as fears of a trade war grew sharply. Asked whether he would extend the period of reduced tariffs after the 90-day negotiating period was up, the president declined to say.
Trump said discussions are underway towards potential agreements with other countries, but that he feels no urgency to strike a deal for the sake of one. The president and his advisers have said dozens of countries have reached out to negotiate with the U.S. in the wake of his tariff rollout.
During the meeting, Trump acknowledged that his tariffs will pose “transition problems,” but said ultimately, “it’s going to be a beautiful thing.”
“We’re doing again what we should have done many years ago,” he added.
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