Trump team tries to project confidence and calm after tariffs rattle markets

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Trump team tries to project confidence and calm after tariffs rattle markets

Tuesday, 15 April 2025 | Press Trust of India | Atlanta

Trump administration officials were out in force across the television networks Sunday defending President Donald Trump’s economic policies after another week of reeling markets that saw the Republican administration reverse course on some of its steepest tariffs.

Trump, meanwhile, said on his social media platform that there ultimately will be no exemptions for his sweeping tariff agenda, disputing characterizations that he has granted tariff exceptions for certain electronics, including smart phones, whose production is concentrated in China. Rather, Trump said, “those products are subject to the existing 20per cent Fentanyl Tariffs, and they are just moving to a different Tariff bucket.’”

White House advisers and Cabinet members tried to project confidence and calm amid Trump’s on-again, off-again approach to tariffs on imported goods from around the world. But their explanations about the overall agenda, coupled with Trump’s latest statements, also reflected shifting narratives from a president who, as a candidate in 2024, promised an immediate economic boost and lower prices but now asks American businesses and consumers for patience.

A week ago, Trump’s team stood by his promise to leave the impending tariffs in place without exceptions. They used their latest news show appearances to defend his move to ratchet back to a 10 per cent universal tariff for most nations except China (145 per cent), while seeming to grant exemptions for certain electronics like smartphones, laptops, hard drives, flat-panel monitors and semiconductor chips.

There are varying answers on the purpose of the tariffs. Long before launching his first presidential campaign in 2015, Trump bemoaned the offshoring of US manufacturing. His promise is to reindustrialise the United States and eliminate trade deficits with other countries.

Commerce Secretary Howard Lutnick, interviewed on CBS’ “Face the Nation,” played up national security. “You’ve got to realize this is a national security issue,” he said, raising the worst-case scenarios of what could happen if the US were involved in a war.

“We don’t make medicine in this country anymore. We don’t make ships. We don’t have enough steel and aluminum to fight a battle, right?” he said.

Lutnick stuck to that national security framing, but White House trade adviser Peter Navarro focused more on the import taxes being leverage in the bigger economic puzzle.

“The world cheats us. They have been cheating us for decades,” Navarro said on NBC’s “Meet the Press.” He cited practices such as dumping products at unfairly low prices, currency manipulation and barriers to U.S. Auto and agricultural products entering foreign markets.

Navarro insisted the tariffs would yield broader bilateral trade deals to address all those issues. But he also relied on a separate justification when discussing China: the illicit drug trade.

“China has killed over a million people with their fentanyl,” he said.

Speaking before Trump’s Truth Social post disputing the notion of exemptions, Lutnick alluded to that coming policy. “They’re going to have a special focus-type of tariff to make sure that those products get reshored,” he told ABC’s “This Week.”

The status of negotiations with other nations, including China, remains fuzzy

With the higher rates set to be collected beginning April 9, administration officials argued that other countries would rush to the negotiating table.

“I’ve heard that there are negotiations ongoing and that there are a number of offers,” Kevin Hassett, director of the White House Economic Council, told ABC. He claimed that “more than 50 countries (were) reaching out,” though he did not name any.  

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