FLASH
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US President Donald Trump convened his cabinet today, a day after making the decision to suspend tariffs on other countries for 90 days (except China).
Trump began the meeting by telling his cabinet that things were going very well and acknowledged that the tariffs would bring some hardship to Americans, but according to him, it would all be worth it in the end.
" There will be a transition cost and transition problems, but in the end it will be a beautiful thing. We are doing what we should have done many years ago. We let it get out of hand and we allowed some countries to get too big and too rich on our backs. And I will not let that happen. It is not a sustainable formula ," Trump said.
Trump then praises his cabinet, saying that everyone at this table is doing incredible things. US Commerce Secretary Howard Lutnick then talks about countries seeking agreements with the administration to change the tariffs.
" I'm not sure we can have enough time during the day to talk to all these countries because they want to talk and they want to talk now. They have come with offers that they would never have come to before," he says.
Then US Treasury Secretary Scott Bessent said a process is being put in place to negotiate with countries on trade and tariffs.
"So, bring your best deal ," he said, as he announced that Trump would be part of the negotiations.
Meanwhile, Trump said he would like a deal with China, despite the tariff hike.
Asked by reporters what his next steps were on China, Trump said they would see how things went and whether Beijing was willing to negotiate. He continued to insist that China had benefited at America's expense, but softened his tone when he spoke of President Xi Jinping, whom he considered an old friend.
" We'll see what happens with China. We'd like to be able to make a deal. They've really taken advantage of our country for a long period of time. They've ripped us off. All we're doing is getting it back in shape. We're resetting the table and I'm sure we'll be able to do very well. I have great respect for President Xi. He's been, in a real sense, a friend of mine for a long period of time. I think we're going to end up working on something that's very good for both countries. I look forward to it ," Trump said.
Regarding the BER's willingness to sit at the negotiating table with the US, Trump called it a very smart decision.
The EU was very tough, but also very smart, they decided to hold back a bit with their revenge after seeing how China was treated.
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