President Trump is adopting a "no pain, no gain" philosophy when it comes to the economy.
The president said that the escalating tariff battle with China could hurt the U.S. at first, but that it would be worth it in the end. "I'm not saying there's not gonna be any pain," Trump said, explaining that markets initially "could lose a little bit." But in the end, the U.S. will come out "stronger," he said.
The comments came in a Friday morning interview with Bernie & Sid in the Morning on 77 WABC. During the segment, Trump additionally admitted that the markets would take a hit for a while, but he was unconcerned about the long-term effect on the economy.
The president announced Thursday that he is considering an additional $100 billion in tariffs against China, on top of the $50 billion already imposed. The existing tariffs increase import duties on Chinese products like machinery and vaccines, and China responded with tariffs on U.S. products like soybeans and pork. Beijing said Friday that it would "not hesitate" to hit back in a big way if the White House goes through with the additional tariffs.
Dow Jones futures fell by more than 200 points after news broke that Trump is considering additional tariffs on China, The Hill reports. Markets are expected to keep dropping. But worries about stock indexes or underwhelming jobs reports were not shared by the president. "We're gonna be much stronger for it," said Trump. Listen to the full interview via 77 WABC.