US President Donald Trump suggested another delay to his higher so-called “reciprocal” tariffs is unlikely, raising pressure on nations to negotiate trade deals with his administration.

Asked about the possibility of granting another 90-day pause, Trump cast that scenario as “unlikely”, while speaking to reporters aboard Air Force One on Friday. Trump also said that he would not drop tariffs on China, the world’s second largest economy, unless Beijing offers “something substantial” in return. 

Trump said he believes financial markets are adjusting to his tariff policy, downplaying the volatility that has hit equity and bond markets this month after he announced plans to hit about 60 US trading partners with higher duties.

“When you look at what’s happening, I think so, yeah. I said there would be a transition,” Trump said about the market reaction. “People haven’t understood it, now they are starting to understand it.”

Pressed on what concessions he would like to see from Beijing, Trump said that he would like China to open its economy — but that he believes it is a non-starter so is not sure he would pursue it as part of the tariff talks.

“That would be great. That would be a big win. But I am not even sure I am going to ask for it, because they don’t want it open, they don’t want it open,” Trump said.

Friday saw a volatile session on Wall Street with stocks trimming most of the day’s advance, as traders parsed the president’s conflicting signals about the progress he is making in tariff negotiations. The S&P 500 was still set for its longest winning run since January. 

Trump in recent days has offered mixed messages about the status of talks with China, even as Beijing has denied that negotiations between the world’s two largest economies are taking place.

“We are meeting with China. We are doing fine with everybody,” Trump said in an interview with Time magazine published earlier on Friday.

But he also told Time he would not call President Xi Jinping if his Chinese counterpart does not call him first. Then Trump said such a call had occurred, without giving details. 

“He’s called. And I don’t think that’s a sign of weakness on his behalf,” Trump said.

The US president declined to answer when asked by reporters on Friday when he spoke with Xi, saying, “I will let you know at the appropriate time. Let’s see if we can make a deal.”

Trump earlier this month announced sharp tariff increases on about 60 countries, but then quickly paused those measures for three months to allow trading partners to negotiate deals, keeping in place a baseline 10% rate during the negotiating period. That set off a flurry of visits from foreign delegations eager to strike a deal, but Xi’s government has taken a more defiant stance.

In the Time interview, Trump also said he expects to wrap up trade deals with US partners “over the next three to four weeks”.

“I will be finished. Now, some countries may come back and ask for an adjustment, and I will consider that, but I will basically be, with great knowledge, setting — ready,” he added.

Trump told reporters later on Friday at the White House that he is “getting along very well with Japan”, and an agreement is “very close.”

Trump in the interview also pushed back on reports that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick convinced him to delay his reciprocal tariffs, and said he “isn’t worried” about the turmoil in bond and equity markets that greeted his higher duties.

“They didn’t tell me. I did that,” Trump said. “The bond market was getting the yips, but I wasn’t.”

Source: The Edge Malaysia

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