President Donald Trump offered a rosy assessment after the stock market dropped sharply Thursday over his tariffs, saying, “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,” he said, when asked about the market as he left the White House to fly to one of his Florida golf clubs.
The Dow Jones Industrial Average dropped more than 1,600 points on Thursday as US stocks led a worldwide selloff after the Republican president’s announcement of tariffs against much of the world ignited a shock like none seen since the COVID-19 pandemic.
Trump on Wednesday announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from certain countries like China and those from the European Union.
The announcement jolted markets worldwide, but Trump said that was to be expected. He compared the United States to a sick patient in need of surgery when asked by a reporter for his reaction to the worst stock market drop in years.
“I think it’s going very well. We have an operation, like when a patient gets operated on and it’s a big thing. I said this would exactly be the way it is,” he said, an apparent reference to the selloff.
He talked about trillions of dollars in investment that is “coming into our country” from companies that want to make their products in the US to avoid tariffs.
“The rest of the world wants to see is there any way they can make a deal,” he said.
Later, speaking with the reporters aboard Air Force One, Trump said that he’d be open to using tariffs to negotiate with other countries and that decisions would depend on whether they had something “phenomenal” to offer in return.
Trump has, for instance, suggested he could cut tariffs on Chinese goods if Beijing allows TikTok parent ByteDance to divest the app’s US operations.
The president maintains that other countries have been taking advantage of the US for a long time and he wants it to stop.
“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,” Trump said as he left the White House to attend a Saudi-backed golf tournament at his club in Doral, Florida.
