President-elect says tariffs “will make the U.S. rich” and signals trade will be based on reciprocity
12/17/2024
In his first press conference since the election, U.S. President-elect Donald Trump defended his plans to impose tariffs on imports from several countries. Speaking at his Mar-a-Lago resort in Florida, Mr. Trump publicly included Brazil for the first time among nations that excessively tax American products, threatening to respond with tariffs.
There are countries that tax us a lot, like Brazil, Mr. Trump said. “They tax us, we tax them. Tariffs will make our country rich,” he said, reinforcing his intention to implement trade barriers on imports from many nations after taking office.
This marks the first time since his election victory on November 5 that Mr. Trump has explicitly named Brazil as a target for potential tariff increases.
The president-elect reiterated his broader trade strategy, which includes increasing tariffs on Chinese products by 60% and imposing import duties of 10% to 25% on goods from other nations. These measures aim to boost U.S. business profits and job creation but have sparked controversy.
Recent studies, such as one by Japan’s Institute of Developing Economies, suggest that such tariffs could cause the U.S. economy to lose 1.1% of its GDP by 2027, given the country’s reliance on imports ranging from mining supplies to food products.
The press conference, which lasted over an hour, also covered foreign relations and other topics.
Howard Lutnick, Mr. Trump’s pick to lead the Department of Commerce, emphasized the administration’s focus on reciprocal trade policies. “Reciprocity is something that is going to be a key topic for us. How you treat us is how you should expect to be treated,” Mr. Lutnick said when asked about the possibility of a trade agreement with China.
During the press event, Mr. Trump announced a $100 billion investment from Japanese technology company SoftBank in U.S. projects over the next four years. The investment, following a meeting with SoftBank CEO Masayoshi Son, is expected to create 100,000 jobs in artificial intelligence and emerging technologies, with plans to complete the initiative before Mr. Trump’s second term ends in 2029.
Addressing the war between Russia and Ukraine, Mr. Trump said he is working to end the conflict but did not provide details. He urged Ukrainian President Volodymyr Zelensky to be prepared to negotiate with Russia to stop the war. Mr. Trump said additional U.S. aid to Kyiv should only be provided after peace talks begin.
“He [Zelensky] should be prepared to make a deal, that’s all,” Mr. Trump said. “Got to be a deal. Too many people being killed.”
Mr. Trump also spoke briefly about his meeting with Mr. Zelensky earlier this month in Paris. Responding to a reporter’s question, he clarified that he had not invited Mr. Zelensky to his inauguration, although invitations were sent to other world leaders. “If he’d like to come, I’d like to have him. I didn’t invite him, no,” Mr. Trump said.
Regarding the war in Gaza, Mr. Trump demanded that Hamas release all hostages by his inauguration on January 20 or face severe consequences.
“As you know, I gave a warning that if these hostages aren’t back home by that date, all hell is going to break out,” Mr. Trump said.
He mentioned recent conversations with Israeli Prime Minister Benjamin Netanyahu about the conflict but did not provide specifics. He also credited Turkey for aiding Syrian rebels in toppling the regime of former President Bashar al-Assad.
The press conference was notably less combative than some of Mr. Trump’s heated exchanges with journalists during the campaign. Appearing relaxed, he joked with reporters he recognized and commented on how smooth the transition has been compared to his first term. “The first term, everybody was fighting me,” Mr. Trump said. “In this term, everybody wants to be my friend.”
(With reporting from international agencies.)
*By Valor — São Paulo
Source: Valor International