Trump addresses stock market losses, China trade deficit
The president spoke with reporters aboard Air Force One on Sunday.
The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners.
On Sunday, ABC's "This Week" anchor George Stephanopoulos pressed White House National Economic Council Director Kevin Hassett about Trump reposting a video that said he was tanking the markets to force the Fed to lower interest rates. Hassett said Trump was entitled to his opinion, but denied that his tariff policy was intended to put pressure on the Fed to lower rates.
Trading on Thursday and Friday marked the worst days for U.S. stocks since 2020.
Key Headlines
- Economic adviser denies Trump’s tanking markets to force rate cuts
- House Republican also planning bill to rein in Trump’s tariff authority
- Trump delivers message to Americans as tariffs take effect: 'HANG TOUGH'
- Universal 10% tariffs in effect as Wall Street continues reeling
- Trump says businesses aren’t worried about tariffs
Trump brushes off market woes
Trump spoke with reporters on Air Force One and was asked to chime in with disasters day for the stock market.
The president claimed that he was handed "a terrible economy" alleging many manufacturing jobs were lost.
"It's going to be amazing actually and we see it because we have trillions of dollars committed to come in, trillions," he claimed.
Trump also alleged that more plants will be opening. Jeep maker Stellantis said on Thursday it will temporarily pause production at two plants.
Trump says things are 'going very well' as his tariff plan roils markets
President Donald Trump took a single question as he left the White House on Thursday for Miami as his tariff announcement continued to rock the world economy.
"Markets today are way down ... How's it going?" a reporter asked the president.
"I think it's going very well," Trump responded. "It was an operation. It's like when a patient gets operated on and it's a big thing. I said this would exactly be the way it is."
Trump continued to project confidence and said nations to be impacted are now trying to see if they can "make a deal."
"The markets are going to boom, the stock is going to boom, the country is going to boom, and the rest of the world wants to see is there any way they can make a deal?" Trump said. "They've taken advantage of us for many, many years. For many years we've been at the wrong side of the ball. And I'll tell you what, I think it's going to be unbelievable."
Mexican president reacts to tariffs
Mexican President Claudia Sheinbaum Pardo spoke confidently Thursday about Mexico’s position regarding the new tariffs imposed by President Donald Trump Wednesday, saying that despite “some specifications,” no additional tariffs have been imposed on Mexico.
"We still have some decrees that President Trump signed on the automotive industry and steel and aluminum, but that's for everyone," she said. "We are still in talks with the U.S. government, the secretary of economy has a very good relationship with the secretary of commerce. The economy secretary will most likely travel to Washington next week."
In response to questions, she further elaborated on how Mexico is managing to mitigate the effects of tariffs through the integration of the automotive industry with the United States.
-ABC News' Somayeh Malekian and Anne Laurent
German minister says Trump 'will buckle under pressure'
German Economy Minister Robert Habeck said in a news conference on Thursday that President Donald Trump will buckle under pressure from Germany and Europe in an escalating trade war.
"That is what I see, that Donald Trump buckles under pressure, corrects his announcements under pressure, but the logical consequence is that he must also feel the pressure, and this pressure must now be exerted from Germany, from Europe," Habeck said.
He urged the European Union to act in a united and strong manner in response to the new tariffs on EU imports into the U.S.
-ABC News' Somayeh Malekian