US President Donald Trump said on Thursday that he would love to get a deal with China to end an escalating trade war.
Trump made the comments during a Cabinet meeting opened to press. US Treasury Secretary Scott Bessent said during the meeting that as they settle deals with countries, it will bring more certainty on trade policy.
Trump said: “Would love to get deal with China.”
Speaking on the potential of ongoing talks, he said, “Think we will end up working out something good for both countries.”
Trump also commented on the war in Ukraine, stating that progress was being made toward ending the conflict. “… We’re making progress on getting Russia-Ukraine war stopped,” he added.
Addressing the financial side of his policies, Trump suggested that revenue generated from tariffs could be directed toward paying down the national debt. “Would use money from tariffs to pay down debt,” he said.
In his remarks on European Union trade, Trump noted that he was considering approaching the EU as a unified block when discussing tariffs. “Looking at EU as one block on tariffs,” he remarked.
Trump’s comments come at a time of heightened focus on US trade policies and his potential influence on international relations if he were to return to the presidency.
Addressing his cabinet meeting, which lasted for more than an hour, Trump said his administration was “very close” to the first country making a deal, adding that he wanted to strike deals that were beneficial for his country.
Higher tariffs would be put back in place after the 90-day pause if deals were not made, he warned. He maintained that his government was not considering for any country or company to get an exemption.
Responding to a question about the money collection from tariffs, the US president said that the amount would be used to pay down national debt, reduce taxes, creative government budgets, and “helping” the US-Mexico border.
The US president warned of the “transition cost” from his tariff policies, as Wall Street stocks fell again over the worsening trade war with China.
“There will be a transition cost, and transition problems, but in the end, it’s going to be a beautiful thing,” Trump said as he seeks to reorder the world economy by forcing manufacturers to base themselves in the United States.