WASHINGTON — President Donald Trump stated on Thursday that he is in “no rush” to finalize any trade deals, asserting that tariffs are beneficial to the wealth of the United States.
In a meeting with Italian Premier Giorgia Meloni, Trump suggested that reaching an agreement with the European Union and other partners would be relatively straightforward.
Trump emphasized the lack of urgency, stating that other countries “want to make deals more than I do.”
“We’re in no rush,” he remarked, implying he holds leverage due to the desire of other countries for access to American consumers.
Despite his amicable rapport with Meloni, Trump did not waver on his stance regarding tariffs.
“No, tariffs are making us rich. We were losing a lot of money under Biden,” he declared, referencing his predecessor, Democrat Joe Biden.
Trump believes that his tariff policies will culminate in unprecedented wealth for the United States, even while the stock market has declined, interest on U.S. debt has escalated, and corporate leaders are cautioning about potential price hikes and job losses, raising concerns about the global economic framework.
A bond market panic provoked Trump to slightly ease his tariff stance, resulting in a temporary 90-day pause on a 20% import tax on the EU, reducing it to a baseline of 10%.
Meloni’s visit underscored the difficulties faced by leaders with a friendly relationship with Trump.
After their discussion, Trump conveyed to reporters that negotiating trade deals is less complex than other business negotiations, such as mergers.
He noted that his communications with Chinese officials regarding tariffs have been extensive and that the rate of his import taxes could depend on China approving a sale of the social media platform TikTok.
Even with these assertions, Trump appeared to contradict his previous morning statement about being in no haste to secure trade agreements “over the next three or four weeks.”
Regardless, Trump showed no inclination to completely eliminate his tariff strategies.
“Tariff negotiations are actually simpler than everyone has said,” he commented, adding that participants either agree to pay the tariff or opt to seek alternatives, claiming, “There really is no elsewhere.”
Meloni, representing the EU at a pivotal moment within the evolving trade conflict, highlighted the importance of seeking solutions to trade and national security tensions.
She stated, “The goal for me is to make the West great again,” aiming for a unified stance between the U.S. and Europe as part of Western civilization.
The EU claims to maintain “the most important commercial relationship in the world,” with trade with the U.S. amounting to €1.6 trillion ($1.8 trillion) annually.
Based on Meloni’s public engagements with Trump, it remains unclear whether she fully grasps his demands for a trade agreement.
The Trump administration asserts that its tariff measures would facilitate trade negotiations designed to exclude China, which it views as the world’s leading manufacturer.
However, Trump argues that both rivals and allies have taken undue advantage of the U.S. on trade, a position that has strained relations with longstanding partners and raised doubts regarding Trump’s reliability as a negotiator.
In response to criticisms that his tariffs are detrimental to the economy, Trump claimed that gasoline and egg prices are declining.
Blaming the Federal Reserve for rising interest rates on U.S. debt, Trump suggested that these rate increases are a consequence of investor trepidation regarding his tariff policies, leading to a more cautious stance on purchasing Treasury notes.
He remarked, “We have very little inflation. I would say we have essentially no inflation.”
The EU previously engaged with Trump administration officials during discussions in Washington.
Maro efovi, the European Commissioner for trade and economic security, reported a meeting on Monday with Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer.
Post-meeting, efovi commented on social media that achieving zero tariffs and addressing nontariff trade barriers will necessitate considerable collaborative efforts from both parties, indicating that the Trump team is specifically opposed to Europe’s deployment of value-added taxes.
As the head of a far-right party, Meloni shares ideological alignment with Trump on various issues, including controlling migration, advocating traditional values, and expressing skepticism toward multilateral institutions.
Nevertheless, notable contrasts have surfaced, particularly regarding Meloni’s steadfast backing for Ukraine following the Russian invasion in February 2022.
The two leaders addressed the conflict and Italy’s prospective role in the reconstruction of Ukraine post-war.
Previously, Trump has urged Meloni to elevate Italy’s defense expenditure, which last year fell short of the NATO military alliance’s target of 2% of gross domestic product.
With Italy’s defense spending hovering at 1.49% of its GDP, Meloni mentioned, “We didn’t speak about how much that percentage would be increased, even though we are truly aware that the theme of defense is particularly important.”
Despite the disagreements over Ukraine and defense spending, Meloni is perceived by certain members of the U.S. administration as a crucial conduit to Europe.
Having been the sole European leader to attend Trump’s inauguration on January 20, Meloni has maintained a composed response as shifts in U.S. policy have strained the U.S.-European alliance.
Additionally, she has criticized the tariffs as “wrong” and cautioned that “dividing the West would be disastrous for everyone” in the wake of Trump’s tumultuous interactions with Ukraine’s president.
Italy enjoys a €40 billion ($45 billion) trade surplus with the U.S., the largest of any country, driven by American demand for Italian products, including sparkling wine, culinary items like Parmigiano Reggiano cheese and Parma ham, and luxury fashion goods.
These sectors are vital to the Italian economy and heavily supported by small and medium-sized enterprises, which are significant voter bases for center-right parties.
The meeting occurs amidst rising apprehension regarding the global uncertainty sparked by ongoing tariff conflicts.
As a consequence, Italy’s economic growth forecast for this year has already been downgraded from 1% to 0.5%.
The White House has enforced tariffs globally, contending that other nations have exploited the U.S., evident in its trade deficits.
However, with the recent 90-day halt, Trump’s tariffs on China have escalated to 145%, while separate tariffs remain in place at rates up to 25% on imports from Canada, Mexico, as well as on autos, steel, and aluminum.
On Wednesday, Trump conversed with Japan’s chief trade negotiator, Ryosei Akazawa, summarizing the meeting on social media as achieving “Big progress!” yet not providing any specific details.
Concurrently, China is pursuing agreements that might counter Trump’s assertions that his tariff policies will eventually lead to increased domestic manufacturing jobs and stronger economic growth.
Treasury Secretary Scott Bessent stated on Thursday that the administration is prioritizing trade deals with the “big 15 economies.”
He disclosed that South Korean officials are scheduled to visit Washington next week.
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