Trump and team downplay continued market turmoil as ‘transition cost’

President Donald Trump and his senior officials on Thursday abandoned the prolonged turmoil of his tariff policy as “transition problems.”

“We think we are in very good shape,” Trump said as he calls his cabinet to meet in the White House. “We think we are doing very well. Again there will be costs to transition, transition problems, but in the end it will be a beautiful thing.”

Global markets experienced some relief on Wednesday when Trump gave way to his penalty tariffs against nearly 90 trading partners, instead reduced the ledges to almost a universal 10%.

But they fell again on Thursday, as it remains uncertain about what happens afterwards, especially when it comes to China – which the White House has clarified now, is facing a huge 145% tariff.

Trump on Wednesday said he raised the tariff against China to 125%after Beijing avenged a significant fee for American goods. This new tariff is in addition to 20%associated with fentanyl imposed by Trump in February, the White House confirmed on Thursday.

“We’ll see what happens,” Trump said when he asked him to comment directly with the next steps with China, the world’s second largest economy behind the United States.

Trump repeated much of what was said on Wednesday, including that he “loves to be able to work with a deal” with Beijing, but claims that they “torn us badly.”

“We are resetting the table and I’m sure we will be able to get along very well,” he said. “I have great respect for my president. He has been in a real sense. He is a friend of mine for a long period of time. And I think this will eventually work with something that is very good for both sides.”

The sale of the stock market continued on Thursday, wiping some of the rally from the previous day. Trump had declared market profits on Wednesday as “the biggest day in history”, but it was a mom about the recent development of the descending.

“I haven’t seen it because I’ve been here for two and a half,” Trump said at the cabinet meeting.

Finance Minister Scott Bensten, sitting at the president’s table, said diving on the market was not a “bad ratio” and tried to play the most inflation report (which showed inflation, cooled in March, before the Trump tariff escalated).

“I don’t see anything out of the ordinary today,” Bensten said.

Instead, Essent and Sales Secretary Howard Luni emphasized negotiations with other nations. Bestent on Thursday met with Vietnam Ho Duk PHOC Deputy Minister -Chairman and agreed to start official trade negotiations.

“As we pass through the tail and settle with those countries that will present us with our best offers, we will find ourselves in a place with great security for the next 90 days at the tariffs,” Bechent said.

Lutnik said that so many foreign employees want to meet: “I am not sure that we could ever have enough time during the day to talk to all these countries.”

The administration is already against Trump’s 90-day pause clock.

ABC News White House correspondent Karen Travers asked Trump on Thursday what would happen if they did not make their desired transactions during this period of time.

“I want to say that if we can’t make the deal we want to make or have to do or it is, you know, well for both sides – it must be good for both sides – then we go back to where we were,” he replied, threatening the higher rates he revealed last week.

But he also left the door open to extend the pause. “We’ll have to see what happens,” he said.