Breaking News LIVE | “Massive financial deficits with China, EU can only be cured with tariffs”: Donald Trump

US President Donald Trump defended his administration’s implementation of reciprocal tariffs on various countries, underlining the financial deficits the US faces with nations like China and the European Union and argued that tariffs are the only solution to these trade imbalances. Donald Trump also criticised the trade surplus with these countries under former President Joe Biden, vowing to reverse it swiftly, while expressing his belief that tariffs would prove beneficial for the US. Sharing a post on social media platform Truth Social on Sunday (local time), 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.”