President Donald Trump said Thursday he is in “no rush” to reach any trade deals because he views tariffs as making the United States wealthy. But he suggested while meeting with Italian Premier Giorgia Meloni that it would be easy to find an agreement with the European Union and others.
Trump played down the likelihood of an accelerated timeline to wrap up deals, saying other countries “want to make deals more than I do.”
“We’re in no rush,” said Trump, hinting he has leverage because other countries want access to U.S. consumers.
Even though Trump has a warm relationship with Meloni, she was unable in their meeting to change his mind on tariffs.
“No, tariffs are making us rich. We were losing a lot of money under Biden,” Trump said of his predecessor, Democrat Joe Biden. “And now that whole tide is turned.”
Trump is convinced that his devotion to tariffs will yield unprecedented wealth for his country even as the stock market has dropped, interest on U.S. debt has risen and CEOs are warning of price increases and job losses in what increasingly looks like a threat to the existing structure of the world economy.
A bond market panic was enough for Trump to partially pull back on his tariffs, causing him to pause his 20% import taxes on the EU for 90 days and charge a baseline 10% instead. Meloni’s visit showed the challenge faced even by leaders who enjoy a rapport with Trump.
After they met, Trump told reporters that trade talks were easier than other business negotiations such as mergers. He said he had spoken with Chinese officials about tariffs “a lot” and the amount of his import taxes could be influenced by China approving a sale of the social media site TikTok. He also seemed to contradict his previous statement Thursday morning about being in no rush to make trade deals “over the next three or four weeks.”
Even then, Trump showed no interest in fully severing his tariffs. “Tariff negotiations are actually simpler than everyone has said,” Trump said. “A number of people are going to pay that number or they’re going to decide to go elsewhere if there is such a place. There really is no elsewhere.”
Meloni had, in a sense, been “knighted” to represent the EU at a critical juncture in the fast-evolving trade war that has stoked recession fears. The U.S. administration has belittled its European counterparts for not doing enough on national security while threatening their economies with tariffs, sparking deep uncertainty about the future of the trans-Atlantic alliance.
She sought to portray the U.S. and Europe as natural allies in Western civilization and said it was important to “try to sit down and find solution” to tensions over trade and national security.
The EU is defending what it calls “the most important commercial relationship in the world,’’ with annual trade with the U.S. totaling 1.6 trillion euros ($1.8 trillion). It was unclear, based on Meloni’s public interactions with Trump, whether the premier has a clear understanding of what Trump wants as part of an agreement.
His administration has said its tariffs would enable trade negotiations that would box out China, the world’s dominant manufacturer. But Trump maintains that rivals and allies alike have taken advantage of the U.S. on trade, a position that has frustrated long-standing partners and raised concerns about whether Trump is a trustworthy dealmaker.
Trump tried to push back against claims that his tariffs are harming the economy, saying that gasoline and egg prices are already dropping. The president blamed the Federal Reserve for interest rates rising on U.S. debt. Rates largely increased because investors were worried about Trump’s tariff plans and they became less willing to buy Treasury notes, while the central bank has held steady on its own benchmark rates because of economic uncertainty.
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