Trump Sees ‘Transition Problems’ With China Tariffs at 145%

President Donald Trump said his tariffs may cause “transition problems” but expressed confidence in his plan, after the White House clarified US tariffs on China rose to 145%.

“There’ll be a transition cost, and transition problems, but in the end it’s going to be a beautiful thing,” Trump said Thursday during a Cabinet meeting. “We’re in very good shape.”

The staggering US tariffs on the world’s second largest economy have triggered a tit-for-tat trade war that has unnerved global financial markets. Stocks fell on Thursday one day after the biggest buying spree in years. The S&P 500 Index sank more than 6%, before paring losses, as euphoria gave way to unease with investors bracing for more trade hostility.

Trump pointed to Wednesday’s upswing after he announced a 90-day pause on higher tariffs on dozens of trading partners, saying “we had a big day yesterday.” He later told reporters he had not seen Thursday’s market numbers.

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