President Donald Trump fielded questions from reporters in the Oval Office on Thursday, just after signing sweeping reciprocal tariffs via executive order, which will ensure foreign nations will be charged an equal tariff on anything they charge the United States.
“It’s a beautiful, simple system,” Trump told the press.
He emphasized that if companies build their products within the domestic United States, they will have “no tariffs whatsoever.”
President Trump said the country would be “flooded with jobs,” and acknowledged also that there could be a short-term period where prices rise in the United States.
“Jobs are going to go up and prices could go up somewhat, short-term,” he explained.
The president remained confident that despite “short term disturbance” that may occur economically, ultimately, it would be better for the country in the long run.
According to Trump’s Secretary of Commerce pick Howard Lutnick, these tariffs will likely be set to go into effect by April 2, 2025, if the president authorizes it.
“If [other countries] drop their tariffs, prices for Americans are coming down,” Lutnick said in the Oval Office.
President Trump shared that many CEOs had called him to discuss the reciprocal tariffs. “Many love it,” he said. “They say this is going to be the thing that makes our country really prosperous again.”
Trump also said this could help pay down the whopping $36 trillion debt bill the United States is being crushed beneath.
The president highlighted his belief that these tariffs would bring pharmaceutical companies, chip manufacturing, and automobile production back into the United States.
He further confirmed that he did not foresee allowing exemptions on reciprocal tariffs. Interestingly, Indian Prime Minister Narendra Modi will be visiting the White House on Thursday. Trump pointed out that India as “the highest tariffs just about anywhere in the world.”
