WASHINGTON — President Donald Trump stated on Thursday that he is in ‘no rush’ to finalize any trade deals, believing that tariffs are facilitating the wealth of the United States.
During a meeting with Italian Premier Giorgia Meloni, Trump suggested that there could easily be an agreement with the European Union and other countries.
Trump minimized the likelihood of an expedited timeline for concluding deals, asserting that other nations desire agreements more than he does.
‘We’re in no rush,’ Trump emphasized, implying that he holds leverage because countries are eager to access American consumers.
Despite having a good relationship with Meloni, she was unable to persuade him to change his stance on tariffs.
‘No, tariffs are making us rich. We were losing a lot of money under Biden,’ Trump remarked, referring to his predecessor, Democrat Joe Biden.
In Trump’s view, his commitment to tariffs will generate unprecedented wealth for the country, even as the stock market has declined, interest on U.S. debt has surged, and CEOs are cautioning about price hikes and potential job losses, contributing to fears of a looming recession.
A panic in the bond market led Trump to partially retract some of his tariffs, suspending a 20% import tax on the EU for 90 days while establishing a baseline 10%.
Meloni’s visit highlights the challenges even supportive leaders face in negotiations with Trump.
After their meeting, Trump expressed that trade discussions are less complex than other business negotiations, such as mergers.
He noted that he had engaged in numerous discussions regarding tariffs with Chinese officials, suggesting that the amount of import taxes could be affected by the approval of a sale of the social media platform TikTok.
Trump appeared to contradict his earlier statement about being in no hurry to make trade deals, indicating that negotiations could extend over the next three to four weeks.
Nevertheless, he showed little inclination to eliminate his tariffs entirely.
‘Tariff negotiations are actually simpler than everyone has said,’ Trump stated.
‘Individuals will either pay that number or choose to find alternatives if such options exist.
The reality is, there really isn’t an alternative.’
Meloni was effectively ‘knighted’ to represent the EU during a pivotal moment in the rapidly evolving trade conflict that has sparked recession fears.
The U.S. administration has criticized its European counterparts for inadequate actions regarding national security while simultaneously threatening their economies with tariffs, resulting in significant uncertainties about the future of the trans-Atlantic alliance.
She aimed to position the U.S. and Europe as inherent allies within Western civilization and emphasized the importance of working together to resolve trade and national security tensions.
‘The goal for me is to make the West great again,’ Meloni told Trump.
The EU asserts that its relationship with the U.S. represents ‘the most important commercial relationship in the world,’ with annual trade figures between the two totaling 1.6 trillion euros ($1.8 trillion).
It remains uncertain from Meloni’s public remarks whether she fully grasped what Trump seeks in any potential agreement.
Trump’s administration claims that the imposition of tariffs would facilitate trade negotiations that effectively exclude China, the leading global manufacturer.
Nonetheless, Trump maintains that competitors and allies alike have exploited the U.S. in trade matters, a stance that has frustrated longstanding partners and raised concerns about Trump’s reliability as a dealmaker.
Responding to assertions that his tariffs are detrimental to the economy, Trump claimed that prices for gasoline and eggs are already declining.
He attributed the rising interest rates on U.S. debt to the Federal Reserve, asserting that concerns over his tariff plans made investors less willing to purchase Treasury notes while the central bank has held its benchmark rates steady amidst economic uncertainties.
‘We have very little inflation,’ Trump commented.
‘I would say we have essentially no inflation.’
The EU had already been engaged with Trump administration officials in Washington.
Maro efovi, the European Commissioner for trade and economic security, mentioned that he met with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer recently.
Efovi later remarked on X that achieving zero tariffs and addressing non-tariff trade barriers will necessitate ‘a significant joint effort on both sides,’ specifically indicating that Trump’s team opposes Europe’s utilization of value-added taxes.
As the leader of a far-right party, Meloni aligns ideologically with Trump on matters such as limiting migration, advocating for traditional values, and skepticism toward multilateral institutions.
However, pronounced differences surfaced regarding Meloni’s steadfast support for Ukraine following Russia’s invasion in February 2022.
The two leaders addressed the conflict and Italy’s role in the eventual reconstruction of Ukraine post-war.
Trump has previously urged Meloni to increase Italy’s defense spending, which notably fell below the NATO alliance’s target of 2% of gross domestic product last year.
Italy’s defense expenditure currently stands at 1.49% of its GDP, ranking among the lowest in Europe.
‘We didn’t talk about how much that percentage would be increased, although we are certainly aware that the defense issue is particularly important,’ Meloni stated.
Despite their differences regarding Ukraine and defense spending, some U.S. officials view Meloni as a crucial conduit to Europe.
She was the only European leader to attend Trump’s Jan. 20 inauguration and has responded with measured restraint as shifts in U.S. policy under Trump have strained the U.S.-European alliance.
Meloni has publicly criticized the tariffs as ‘wrong’ and cautioned that ‘dividing the West would be disastrous for everyone,’ following Trump’s tense exchange with Ukraine’s president during his time in the White House.
Italy enjoys a notable trade surplus of 40 billion euros ($45 billion) with the U.S., its largest with any country, a relationship driven by American demand for Italian products such as sparkling wine, Parmigiano Reggiano cheese, Parma ham, and luxury fashion.
These sectors are critical to the Italian economy and largely supported by small and medium-sized producers who comprise the core of center-right voters.
This meeting takes place amid escalating concerns about global uncertainty fueled by ongoing tariff wars.
Italy’s growth forecast for this year has already been revised down from 1% to 0.5% as a direct consequence.
The White House has implemented tariffs globally, asserting that other nations have taken undue advantage of the U.S., as shown by persistent trade deficits.
However, with the recent 90-day pause, Trump’s tariffs on China increased to 145%, while separate tariffs remain as high as 25% on Canada, Mexico, autos, steel, and aluminum.
On Wednesday, Trump held a meeting with Japan’s chief trade negotiator, Ryosei Akazawa.
On social media, Trump summarized the meeting as achieving ‘Big progress!’ without providing specifics.
Meanwhile, China is actively seeking deals that could potentially undermine Trump’s assertions that his tariffs will ultimately foster increased domestic factory jobs and stronger economic growth.
Treasury Secretary Scott Bessent noted on Thursday that the administration is prioritizing trade deals with the ‘big 15 economies.’
He added that South Korean officials are scheduled to visit Washington next week.
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