WASHINGTON — Despite a notable plunge in the stock market triggered by his tariff announcements, President Donald Trump communicated a positive outlook, stating, “I think it’s going very well.”
“The markets are going to boom, the stock is going to boom, the country is going to boom,” Trump said to reporters as he departed the White House en route to one of his Florida golf resorts. This comment came after the Dow Jones Industrial Average saw a steep decline of over 1,600 points on Thursday. U.S. stocks spearheaded a global selloff in the aftermath of Trump’s announcement to impose tariffs across most of the world’s imports.
On Wednesday, Trump revealed plans for imposing a minimum tariff of 10% on imports, with significantly higher rates targeting goods from specific regions, notably China and the European Union.
While the tariff announcement sent shockwaves through global markets, Trump suggested this reaction was predictable. He likened the situation to a medical procedure necessary for rejuvenation, describing the scenario as a necessary, if painful, remedy.
“I think it’s going very well. We have an operation, like when a patient gets operated on,” Trump remarked, comparing the market fluctuations to a vital surgery he anticipated. Trump emphasized that this was part of a bigger picture he had foreseen.
Discussing future investments, Trump highlighted the influx of trillions of dollars from companies aiming to manufacture domestically within the U.S. to sidestep tariffs. “The rest of the world wants to see if there’s any way they can make a deal,” he noted.
While speaking to reporters aboard Air Force One, Trump expressed his willingness to employ tariffs as a negotiating tool with other countries, contingent on what they might offer in return. He underscored the importance of receiving “phenomenal” trade deals in such negotiations.
Trump asserted that other nations have long capitalized on the U.S., and he aims to rectify this imbalance. “For many years, we’ve been at the wrong side of the ball,” he mused. Confident in his approach, he added, “I think it’s going to be unbelievable,” as he left Washington to participate in a Saudi-backed golf event at his Doral club in Florida.