After a quick pause with a 25% tariff on imports from Mexico and Canada that have overturned markets over trade war concerns, President Trump said the broader “mutual” tariff plans will come into effect on April 2, in line with what other countries will value.
“On April 2nd, it’s all going to be mutual,” he said in a recorded interview with Fox News Channel’s “Sunday Morning Futures.” “What they charge us, we charge them.”
Trump appeared to have an impact on US growth, as asked about the Atlanta federal government’s warning of economic contraction in the first quarter of the year. Still, he ultimately insisted that it was “great for us.”
When he questioned whether he was expecting a recession in 2025, Trump replied: “I hate predicting such things. What we do is so big, so there’s a period of transition. We’re bringing wealth back to America. That’s a big thing.” He then added, “It takes a little time.”
On Wall Street, wild volatility dominated by economic concerns and uncertainty about Trump’s tariffs has sparked concerns from businesses seeking stability when making investment decisions. He said, “For years, globalists, big globalists have taken the US.” And now, “All we’re doing is getting it back and we’re going to treat our country fairly.”“Taxes could go up.”
“You know, tariffs can go up over time, and they may go up, and I don’t know if that’s predictable,” the Republican president said.
Trump lifted Mexico and Canada’s tariffs on American automakers last week, and since then lifted virtually all imports to the US, but retained goods from China.
Price distortion
More tariffs can be seen this week, with U.S. Secretary of Commerce Howard Lutnick saying that NBC’s “Meet the Press” and 25% tariffs on steel and aluminum imports will come into effect Wednesday. Lutnick said Trump’s threatened tariffs are threatened by Canadian dairy products and timber, but will wait until April.
“Are there any distortions? Of course,” Rutnik said. “Foreign products may be a little more expensive, but American products will be cheaper. And you will be helping Americans by buying Americans.” AP
