President Donald Trump on Friday teased that his sweeping baseline 10% tariff on most trading partners could have “a couple of exceptions.”
Speaking to reporters on board Air Force One as he made his way to his Mar-a-Lago resort in Florida, Trump said 10% was “pretty close” to a floor for those looking to make a deal.
“There could be a couple of exceptions for, you know, obvious reasons, but I would say 10% is a floor,” he told reporters, without elaborating.
The 10% baseline rate, announced as part of the president’s “Liberation Day” tariffs, came into effect on April 5. Higher duties on certain countries also began on April 9 before Trump called for a 90-day pause.
The policy changes have fueled wild volatility in both stock and bond markets this week and drawn concern from economists and some notable names on Wall Street.
Pressed on what he thought about the market reaction, Trump told reporters Friday: “I think people are seeing we’re in great shape. We’re making a lot of money as a country now.”
“I think the bond market’s going good. It had a little moment but I solved that problem very quickly. I’m very good at that stuff you know,” he added.
Brendan SMIALOWSKI / AFP via Getty Images
Earlier this week, Treasury Secretary Scott Bessent said the US had about “70 negotiations lined up” with foreign governments to discuss trade deals.
While Trump agreed to pause the implementation of his tariffs for many countries while negotiations take place, the burgeoning trade war between the United States and China has continued to escalate.
China on Friday raised its total retaliatory levies on US imports to 125% following the Trump administration’s Thursday statement that US duties on Beijing had increased to 145%.
Speaking on Air Force One, Trump nevertheless appeared hopeful a deal could be reached and touted his “very good” relationship with Chinese President Xi Jinping.
Elsewhere in the interview, the president was also keen to share loose details of his annual physical, the results of which he said would likely be released Sunday.
“Overall, I felt I was in very good shape. Good heart. A good soul. Very good soul,” he said, before taking the opportunity to rib former President Joe Biden.
“I wanted to be a little different than Biden. I took a cognitive test and I don’t know what to tell you other than I got every answer right,” Trump added.
Representatives for the White House did not immediately respond to a request for comment from Business Insider.
