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President Donald Trump is once again touting the power of tariffs, telling TIME that he would consider it a “total victory” if the U.S. maintains import duties as high as 50% a year from now. In a wide-ranging interview marking his first 100 days back in office, Trump doubled down on his economic strategy, even as financial markets showed signs of serious stress. “The bond market was getting the yips, but I wasn’t,” Trump said, brushing off concerns raised by his own advisers and allies in the GOP.
What to Know:
- Trump wants to keep tariffs up to 50% on foreign goods
- He compared the U.S. economy to a “giant, beautiful store” that he controls
- His moves triggered rare panic in both the stock and bond markets
- Treasury and Commerce officials convinced him to pause some tariffs
- Trump claims China is negotiating, but Beijing denies it
- He continues to embrace a more aggressive, transactional foreign policy
Stay with Newsweek for the latest.
Trump says Xi called him, China trade talks active: report
This combination of pictures created on May 14, 2020 shows recent portraits of China’s President Xi Jinping (R) and US President Donald Trump.. US President Donald Trump said on May 14, 2020, he is no…
Jim Watson and Peter Klaunzer
President Donald Trump reportedly said China’s President Xi Jinping had called him, and there are active talks to strike a trade deal.
Time reported that he made the comments during an interview on Tuesday, April 22. The interview was published on Friday morning.
“I don’t think that’s a sign of weakness on his behalf,” Trump said of Xi, adding that he expected deals to be announced over the coming three or four weeks.
Trump has softened his tone on China in recent days. But the Chinese foreign ministry had earlier denied that any trade talks were taking place.