ATLANTA (AP) — Officials from the Trump administration were actively promoting President Donald Trump's economic policies, just a week after the Republican administration announced market adjustments that included some of the highest tariffs to date.
In the meantime, Trump has stated on his social media platform that he will not back down from his aggressive tariff agenda, countering suggestions to grant tariff exemptions for certain electronic devices, such as smartphones, primarily produced in China. Trump remarked, “These products are subject to existing 20% fentanyl tariffs and are merely being shifted to another tariff ‘bucket.'”
White House advisors and cabinet members sought to convey a sense of confidence and calm regarding Trump An off approach that corresponds to on tariff policies on imported goods worldwide. However, their justifications for the broader agenda, along with Trump’s recent comment, indicate a narrative shift. The president, who once promised immediate economic benefits and low prices during his 2024 campaign, is now appealing for patience from American businesses and consumers.
A week ago, Trump's team reiterated a commitment to implement impending tariffs without exceptions. They used his recent TV appearances to defend his Return to the ratchet of 10% universal tariffs (145%) on most countries, including China, while suggesting I will grant exemption for specific electronic devices like smartphones, laptops, hard drives, flat panel monitors, and semiconductor chips.
Here are some key takeaways from what was discussed last week and on Sunday regarding Trump:
Various Perspectives on Tariffs
Before launching his first presidential campaign in 2015, Trump expressed concern about the offshoring of US manufacturing. He promised to restore American jobs and eliminate the trade deficit with other nations.
Last week, during an interview on CBS’s “Face the Nation,” Commerce Secretary Howard Lutnick highlighted national security. “This is a national security issue,” he asserted, outlining worst-case scenarios should the US be drawn into a conflict.
“We are no longer producing medicines in this country. We can’t build ships. We lack sufficient steel and aluminum to engage in a battle,” he stated.
On Sunday, Lutnick maintained his national security argument, while White House trade advisor Peter Navarro emphasized the significance of import taxes as leverage in the larger economic context.
“The world has deceived us for decades,” Navarro told NBC’s “Encounter.” He pointed to practices like dumping products at unfair prices, currency manipulation, and barriers preventing US vehicles and agricultural products from entering foreign markets.
Navarro argued that tariffs would facilitate broader bilateral trade negotiations to address these issues. However, he also cited another rationale regarding China: the illegal drug trade.
“China has been responsible for over a million deaths due to fentanyl,” he noted.
Prior to Trump’s statement that challenged the notion of immunity, Lutnick hinted at forthcoming policies. “They will implement targeted tariffs to ensure those products are properly addressed,” he told ABC’s “This Week.”
Negotiations with Other Nations, Including China, Remain Unclear
Last week, increased tariffs are expected to be enforced starting April 9, with administration officials claiming that other countries will eagerly come to the negotiating table.
“I have heard that negotiations are in progress and there are numerous offers,” White House Economic Council Director Kevin Hassett shared with ABC. He stated “more than 50 countries have reached out,” although he didn’t specify which ones.
On Sunday, Navarro listed the UK, the European Union, India, Japan, South Korea, Indonesia, and Israel among the nations actively negotiating with US trade representatives, including Jamieson Greer, Lutnick, and other officials.
Greer stated that his objective is to “secure meaningful deals within 90 days” – during Trump’s suspension period – and added, “I believe we will reach agreements with some countries in the coming weeks.”
Discussions with China, however, have not yet commenced. “We anticipate having a conversation with them,” he remarked. Trump adopted a confrontational tone in a Sunday social media post, asserting, “We will not be held hostage by other countries, especially hostile trading nations like China.”
Navarro was less specific about Beijing, saying, “We have extended an invitation to them.” Lutnick described the outreach as “a gentle introductory offer…through an intermediary.”
When pressed for meaningful engagement, Navarro stated, “The President maintains a very good relationship with President Xi,” before proceeding to criticize certain Chinese policies and trade conduct.
A Shift in Messaging, But Consistent Confidence
Last week, Navarro remained optimistic, even as both US and global trade markets endured significant losses.
“For small investors, the first rule is you can’t lose money unless you sell. For now, smart strategies call for avoiding panic,” he expressed on Fox News Channel’s Sunday Morning Futures.
On Sunday, Navarro’s optimism persisted despite another week of net losses in the stock and volatile bond markets. “This is precisely what we anticipated in the predominant scenario,” he noted.
Others, however, are confronting more complex realities in pursuit of Trump’s goal of revitalizing a bygone era of American manufacturing.
Lutnick suggested a focus on reviving high-tech jobs, while sidestepping questions about skilled manufacturing for goods like shoes, which could result in higher prices due to increased wages for US workers. Some of this technology production remains exempt from tariffs, which Trump has framed as leverage to compel companies to establish US operations.
Hassett acknowledged the prevalent anxiety surrounding these changes.
“Survey data indicates that people are somewhat apprehensive about these shifts,” he noted, before guiding the conversation towards employment rates. “The hard data,” he claimed, “is really, really strong.”
Source: apnews.com