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‘We’re in very good shape’: Trump dismisses tariff turmoil as ‘transition problems’

Donald Trump defended his tariff policies at a cabinet meeting on Thursday, while warning that there may be a “transition cost”. The president said:

We think we’re in very good shape. We think we’re doing very well. Again there will be a transition cost, transition problems, but in the end it’s going to be a beautiful thing.

We’re doing, again, what we should have done many years ago. We let it get out of control, and we allowed some countries to get very big and very rich at our expense. And I’m not going to let that happen.

His comments come as former US treasury secretary Janet Yellen called Trump’s economic policy the “worst self-inflicted wound” an administration has imposed on an otherwise well-functioning economy.

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As markets open in Asia Friday morning, stocks are down once again, suggesting investors’ concerns about Donald Trump’s tariffs are still driving the market. In Japan, the Nikkei 225 is down 5% while South Korea’s Kospi index has dropped 1.6%. Meanwhile, in Australia, the ASX 200 has fallen 2.3%.

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