Trump sought a victory lap at a White House cabinet meeting, saying the European Union had backed off from imposing retaliatory tariffs because of his tough stance on China
President Donald Trump
Image: Brendan Smialowski / AFP
President Donald Trump claimed victory over Europe in the US tariffs war but acknowledged a "cost" to his surging trade offensive against superpower rival China as markets plunged again Thursday.
Trump sought a victory lap at a White House cabinet meeting, saying the European Union had backed off from imposing retaliatory tariffs because of his tough stance on China.
"They were very smart. They were ready to announce retaliation. And then they heard about what we did with respect to China... and they said, you know, 'We're going to hold back a little bit,'" he said.
Trump acknowledged "a transition cost and transition problems," but dismissed global market turmoil. "In the end it's going to be a beautiful thing."
Treasury Secretary Scott Bessent was upbeat, telling reporters that "I don't see anything unusual today," as he touted better than expected US inflation numbers and other economic indicators.