Donald Trump claims tariff is the only cure to address trade imbalance with China, EU, ‘someday people will realise’

US President Donald Trump defended his reciprocal tariff plans noting that there is a massive financial deficit between the United States and countries like China and the European Union and that ‘tariffs are the only way to correct these trade imbalances’

Trump also criticised the trade surplus under former President Joe Biden and vowed to reverse it quickly.

A beautiful thing to behold: Donald Trump on tariff

On a Truth Social post, Trump wrote, "We have massive financial deficits with China, the European Union, and many others. The only way this problem can be cured is with tariffs, which are now bringing tens of billions of dollars into the USA. They are already in effect, and a beautiful thing to behold."

He added, "The surplus with these countries has grown during the "Presidency" of sleepy Joe Biden. We are going to reverse it, and reverse it quickly. Some day people will realise that tariffs, for the United States of America, are a very beautiful thing!"

Not dealing with China unless trade deficit is solved

Earlier in the day, Trump told reporters he would not make a deal unless the trade deficit is solved.

“We have to solve our trade deficit,” particularly with China, Trump said. He said he wouldn’t make a deal unless it drives down the US trade deficit in goods with China. “I want that solved,” he said.

He further added that he is touch with European and Asian leaders on the tariffs rolled out by his administration

What are the tariff plans for different countries?

On April 2, Trump announced that the US would place tariffs on many countries around the world. In February, shortly after starting his second term, he introduced a new trade policy based on fairness and reciprocity. He said the US would match the tariffs that other countries place on American goods.

As per the announcements, the import tariffs on other major countries are China (34 per cent), the European Union (20 per cent), Vietnam (46 per cent), Taiwan (32 per cent), Japan (24 per cent), India (26 per cent), the United Kingdom (10 per cent), Bangladesh (37 per cent), Pakistan (29 per cent), Sri Lanka (44 per cent), and Israel (17 per cent).

From April 9 onwards, countries with the largest trade deficits with the US will face higher, individualised tariffs. India is one of the countries affected, with a 26 per cent tariff imposed on all its exports.