The Trump administration is reportedly expecting to announce at least one trade deal this week, with the president seeking an "array of benefits" in return.
Concretely, The Wall Street Journal detailed that Trump expects for counterparts to purchase more U.S. goods and curb non-tariff barriers.
Trump has acknowledged the chances of an economic slowdown as a result of tariffs, telling NBC News that "anything can happen" when asked about a recession. However, the president then said he believes his policies will catalyze historic growth.
Trump has acknowledged potential hardship for U.S. residents, at least in the short term. Last week he rejected imminent shortages in shelves but said "maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more than they would normally."
Pressed by NBC News during the weekend, he said people "don't need to have 250 pencils" and they can "have five."
"We don't have to waste money on a trade deficit with China for things we don't need, for junk that we don't need," Trump added, also saying small businesses "are not going to need" relief measures.
The outlet detailed that not all in the Trump administration are "as bullish" as him, but advisers don't think a recession will take place even if many high-profile CEOs anticipate one, and some even said it's already taking place. The U.S. economy contracted by 0.3% in the first quarter of the year as imports surged and businesses stocked up on imports and consumer spending slowed.
Trump initially dismissed responsibility, blaming "Biden's Overhang" in a Truth Social post and asserting tariffs had "nothing to do" with the downturn. However, when pressed by a reporter during a 100-day speech to clarify his contradiction, Trump distanced himself further from his own earlier claims, saying, "I'm not taking credit or discredit."
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