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Trump team tries to project confidence and calm after his tariff moves rattled markets

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Trump team tries to project confidence and calm after his tariff moves rattled markets
News

News

Trump team tries to project confidence and calm after his tariff moves rattled markets

2025-04-14 04:56 Last Updated At:05:01

ATLANTA (AP) — Trump administration officials were out in force across the television networks Sunday defending President Donald Trump’s economic policies after another week of reeling markets that saw the Republican administration reverse course on some of its steepest tariffs.

Trump, meanwhile, said on his social media platform that there ultimately will be no exemptions for his sweeping tariff agenda, disputing characterizations that he has granted tariff exceptions for certain electronics, including smart phones, whose production is concentrated in China. Rather, Trump said, “those products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.’”

White House advisers and Cabinet members tried to project confidence and calm amid Trump’s on-again, off-again approach to tariffs on imported goods from around the world. But their explanations about the overall agenda, coupled with Trump's latest statements, also reflected shifting narratives from a president who, as a candidate in 2024, promised an immediate economic boost and lower prices but now asks American businesses and consumers for patience.

A week ago, Trump’s team stood by his promise to leave the impending tariffs in place without exceptions. They used their latest news show appearances to defend his move to ratchet back to a 10% universal tariff for most nations except China (145%), while seeming to grant exemptions for certain electronics like smartphones, laptops, hard drives, flat-panel monitors and semiconductor chips.

Here are the highlights of what Trump lieutenants said last week vs. Sunday:

Long before launching his first presidential campaign in 2015, Trump bemoaned the offshoring of U.S. manufacturing. His promise is to reindustrialize the United States and eliminate trade deficits with other countries.

LAST WEEK

Commerce Secretary Howard Lutnick, interviewed on CBS’ “Face the Nation,” played up national security. “You’ve got to realize this is a national security issue,” he said, raising the worst-case scenarios of what could happen if the U.S. were involved in a war.

“We don’t make medicine in this country anymore. We don’t make ships. We don’t have enough steel and aluminum to fight a battle, right?” he said.

SUNDAY

Lutnick stuck to that national security framing, but White House trade adviser Peter Navarro focused more on the import taxes being leverage in the bigger economic puzzle.

“The world cheats us. They’ve been cheating us for decades,” Navarro said on NBC’s “Meet the Press.” He cited practices such as dumping products at unfairly low prices, currency manipulation and barriers to U.S. auto and agricultural products entering foreign markets.

Navarro insisted the tariffs would yield broader bilateral trade deals to address all those issues. But he also relied on a separate justification when discussing China: the illicit drug trade.

“China has killed over a million people with their fentanyl,” he said.

Speaking before Trump's Truth Social post disputing the notion of exemptions, Lutnick alluded to that coming policy. “They're going to have a special focus-type of tariff to make sure that those products get reshored,” he told ABC's “This Week.”

LAST WEEK

With the higher rates set to be collected beginning April 9, administration officials argued that other countries would rush to the negotiating table.

“I’ve heard that there are negotiations ongoing and that there are a number of offers,” Kevin Hassett, director of the White House Economic Council, told ABC. He claimed that “more than 50 countries (were) reaching out,” though he did not name any.

SUNDAY

Navarro named the United Kingdom, the European Union, India, Japan, South Korea, Indonesia and Israel as among the nations in active negotiations with U.S. Trade Representative Jamieson Greer, Lutnick and other officials.

Greer said on CBS that his goal was "to get meaningful deals before 90 days” –- the duration of Trump’s pause -– “and I think we’re going to be there with several countries in the next few weeks.”

Talks with China have not begun, he said. “We expect to have a conversation with them,” he said, emphasizing it would be between Trump and Chinese President Xi Jinping.

Trump took an aggressive tone himself Sunday in his social media post, saying “we will not be held hostage by other Countries, especially hostile trading Nations like China, which will do everything within its power to disrespect the American People.”

Navarro was not as specific about Beijing. “We have opened up our invitation to them,” he said. Lutnick characterized the outreach as “soft entrees … through intermediaries.”

Pressed on whether there is any meaningful back and forth, Navarro said, “The president has a very good relationship with President Xi.”

Then he proceeded to criticize several China's polices and trade practices.

LAST WEEK

Navarro was bullish even after U.S. and global trading markets suffered trillions of dollars in losses.

“The first rule, particularly for the smaller investors out there, you can’t lose money unless you sell. And, right now, the smart strategy is not to panic,” he said on Fox News Channel's “Sunday Morning Futures.”

SUNDAY

Navarro's optimism did not waver despite another net-loss week for securities markets and rocky bond markets. “So, this is unfolding exactly like we thought it would in a dominant scenario,” he said.

Others confronted some of the more complex realities of trying to achieve Trump’s goal of restoring a bygone era of U.S. manufacturing.

Lutnick suggested the focus is on returning high-tech jobs, while sidestepping questions about lower-skilled manufacturing of goods such as shoes that could mean higher prices because of higher wages for U.S. workers. But some of that high-tech production is what Trump has, for now, exempted from the tariffs that he and his advisers frame as leverage for forcing companies to open U.S. facilities.

Hassett did acknowledge widespread angst.

“The survey data has been showing that people are anxious about the changes a little bit,” he said, before steering his answer to employment rates. “The hard data,” he said, “has been really, really strong.”

Chinese President Xi Jinping arrives for a bilateral meeting with Spanish Prime Minister Pedro Sanchez, unseen, at Diaoyutai Guest House in Beijing, China, Friday, April 11, 2025. (Andres Martinez Casares/Pool Photo via AP)

Chinese President Xi Jinping arrives for a bilateral meeting with Spanish Prime Minister Pedro Sanchez, unseen, at Diaoyutai Guest House in Beijing, China, Friday, April 11, 2025. (Andres Martinez Casares/Pool Photo via AP)

U.S. Trade Representative Jamieson Greer testifies before the Senate Finance Committee on Capitol Hill in Washington, Tuesday, April 8, 2025. (AP Photo/Mark Schiefelbein)

U.S. Trade Representative Jamieson Greer testifies before the Senate Finance Committee on Capitol Hill in Washington, Tuesday, April 8, 2025. (AP Photo/Mark Schiefelbein)

Commerce Secretary Howard Lutnick speaks to reporters outside the West Wing of the White House, Wednesday, April 9, 2025, in Washington. (AP Photo/Jacquelyn Martin)

Commerce Secretary Howard Lutnick speaks to reporters outside the West Wing of the White House, Wednesday, April 9, 2025, in Washington. (AP Photo/Jacquelyn Martin)

White House trade adviser Peter Navarro is pictured before participating in an interview outside the White House, Thursday, April 10, 2025, in Washington. (AP Photo/Alex Brandon)

White House trade adviser Peter Navarro is pictured before participating in an interview outside the White House, Thursday, April 10, 2025, in Washington. (AP Photo/Alex Brandon)

Next Article

Global shares mixed amid investor worries after Wall Street tumble

2025-04-22 17:35 Last Updated At:17:40

TOKYO (AP) — Global shares were trading mixed Tuesday amid global skepticism about U.S. investments and President Donald Trump’s trade war.

France's CAC 40 dipped 0.8% in early trading to 7,225.85, while the German DAX declined 0.4% to 21,119.56. Britain's FTSE 100 added 0.2% to 8,295.82. U.S. futures were set to drift higher with Dow futures up 0.8% at 38,647.00. S&P 500 futures rose 0.9% to 5,231.50.

Trading was cautious in Asia, where the benchmark Nikkei 225 lost 0.2% to finish at 34,220.60. Australia's S&P/ASX 200 was virtually unchanged, inching down less than 0.1% to 7,816.70. South Korea's Kospi lost nearly 0.1% to 2,486.64. Hong Kong's Hang Seng added nearly 0.8% to 21,562.32, while the Shanghai Composite added 0.3% to 3,299.76.

Trump's tariffs and the retaliatory measures from China hang as a shadow over the region.

"Across Asia, there is undoubtedly a sense of urgency to get to the negotiation table even as striking a deal at an appropriate cost can be tough," said Tan Boon Heng, at Mizuho Bank's Asia & Oceania Treasury Department.

“China’s warning to countries not to resolve U.S. tariffs by striking deals at the expense of Beijing’s interests reveals the geo-economic polarization.”

Wall Street tumbled on Monday partly because of Trump's attacks against Jerome Powell, the chair of the U.S. Federal Reserve, demanding that the central bank lower its key interest rate to boost the economy. Trump called Powell “a major loser” and said that energy and grocery prices are “substantially lower.”

On Friday, a top White House adviser said the administration is studying whether it can fire Powell, a move that would undermine the Fed’s independence and likely send shock waves through global financial markets.

In energy trading, benchmark U.S. crude gained 97 cents to $64.05 a barrel. Brent crude, the international standard, rose $1.00 to $67.21 a barrel.

In currency trading, the U.S. dollar edged down to 140.42 Japanese yen from 140.80 yen. The dollar has been weakening lately against the yen, and traded momentarily as low as 139 yen levels during the day. The euro cost $1.1509, down from $1.1514.

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, April 22, 2025. (AP Photo/Ahn Young-joon)

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