Trump Warns of ‘Transition Period’ for Economy as Tariffs Begin to Take Effect

WASHINGTON—President Donald Trump said on March 9 that his tariff plan would likely impact the economy, describing it as a “transition period” that would ultimately benefit the country.

“There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America,” Trump said in an interview with Maria Bartiromo, host of Fox News’s “Sunday Morning Futures.”

When asked about business leaders voicing concerns about the uncertainty and market volatility his tariff announcements have caused, Trump said that his focus remains on the future.

“Look, what I have to do is build a strong country. You can’t really watch the stock market,” he said. “If you look at China, they have a 100-year perspective. We have a quarter. We go by quarters. And you can’t go by that. You have to do what’s right. What we’re doing is we’re building a tremendous foundation for the future.”

Trump predicted that tariffs might increase but assured business owners there is “plenty of clarity.”

“Look, our country has been ripped off for many decades—for many, many decades, and we’re not going to be ripped off anymore,” he said.

The president also said that because of his policies, interest rates and energy prices will come down, easing the burden on consumers and businesses.

On March 4, Trump implemented a 25 percent tariff on goods imported from Mexico and Canada. In February, he imposed a new 10 percent tariff on Chinese goods, which was recently increased to 20 percent.

On March 6, he revised the tariffs on Mexico and Canada, granting exemptions for goods covered by the U.S.–Mexico–Canada Agreement (USMCA) until April 2. The USMCA was enacted during Trump’s first administration.

The Trump administration also provided automakers a one-month exemption from tariffs imposed on Mexico and Canada. The decision was made after the heads of Ford, General Motors, and Stellantis made the request during a phone call with Trump.

Trump said that he offered a transition period to support automakers and will proceed with his plan to impose what he calls “reciprocal tariffs” beginning April 2.

“It’s a transition period. And it’s a transition into April, and after that I’m not doing this,” Trump said during the interview with Bartiromo.

“I said, look, I’m going to do it this one time, but after that I’m not doing it. They called me, and they wanted help during this little transition period, and I gave it to them.”

Trump has repeatedly stated that he intends to impose reciprocal tariffs on all nations, starting on April 2. The president said this plan aims to create more balanced and reciprocal trade relationships while reducing the U.S. trade deficit with other countries.

On Feb. 10, Trump also reintroduced a 25 percent tariff on steel imports and increased tariffs on aluminum imports from 10 percent to 25 percent. These duties are set to take effect on March 12.