President Donald Trump and his senior officials brushed on Thursday the continuous agitation of his tariff policy as “transition problems.”
“We believe we are in a very good shape,” Trump said as he summoned his cabinet for a meeting at the White House. “We believe we are doing very well. There will be a transition cost again, transition problems, but in the end it will be somewhat beautiful.”
Global markets experienced a relief on Wednesday when Trump backed down their punishment tariffs against almost 90 commercial partners, instead of reducing levies to 10%almost universal.
But they fell again on Thursday when uncertainty remains what happens later, especially when it comes to China, which the White House clarified now faces a 145%tariff.
Trump said Wednesday that he was increasing the rate against China to 125% after Beijing retaliates with a significant tax on US assets. This new rate adds to a tax related to 20% in the fentanyl imposed by Trump in February, the White House confirmed Thursday.
“We will see what happens,” Trump said when he was directly asked to comment on the next steps with China, the second largest economy in the world behind the United States.
President Donald Trump speaks during a cabinet meeting in the White House Cabinet room, on April 10, 2025, in Washington.
Brendan Smialowski/AFP through Getty Images
Trump repeated much of what he said on Wednesday, including that “he would love to be able to make an agreement” with Beijing, but said they have “torn badly”.
“We are restoring the table, and I’m sure we can get along,” he said. “I have great respect for President XI. He has been in a true meaning. He has been my friend for a long period of time. And I think that will end up working on something that is very good for both countries.”
A sale of securities rooms continued on Thursday, cleaning part of the rally of the previous day. Trump had promoted Wednesday’s market profits as “the biggest day in history”, but was a mother in the recent descending development.
“I haven’t seen it because I’ve been here for two and a half hours,” Trump said at the cabinet meeting.
The secretary of the Treasury, Scott Besent, sitting on the other side of the president’s table, said that market immersion was not a “bad relationship” and tried to play the last inflation report (which showed the inflation cooled in March, before Trump’s tariff climb).
“I don’t see anything unusual today,” Besent said.
Besent and Commerce Secretary Howard Lutnick highlighted negotiations with other nations. Besent met Thursday with the Vice Prime Minister of Vietnam Ho Duc PHOC and agreed to start formal commercial conversations.
“As we move forward in the tail and establish ourselves with these countries that will bring us their best offers, we will end up in a place of great certainty in the next 90 days in rates,” Besent said.
Secretary of Transportation Sean Duffy, Secretary of Agriculture Brooke Rollins, Secretary of Treasury Scott Besent and Attorney General Pam Bondi attend a cabinet meeting at the White House, on April 10, 2025, in Washington.
Brendan Smialowski/AFP through Getty Images
Lutnick said many foreign officials want to meet: “I’m not sure we could ever have enough time to talk to all these countries.”
The administration is now against the Trump 90 days pause watch.
The correspondent of the White House of ABC News, Karen Travers, asked Trump on Thursday what happens if they do not make the offers they want within that period of time.
“I mean, if we cannot make the treatment we want to make or we have to do or it is good, it is good for both parties, it has to be good for both parties, then we return to where we were,” he replied, threatening a return to the highest rates rates that revealed last week.
But he also left the door open to an extension of the pause. “We will have to see what happens,” he said.
