Thu Apr 10 18:52:51 UTC 2025: ## Trump Acknowledges “Transition Costs” Amid Worsening Trade War with China
**Washington, D.C. – April 11, 2025** – President Donald Trump acknowledged the economic repercussions of his tariff policies on Thursday, stating that there will be “transition costs” despite his belief that the resulting economic restructuring will ultimately benefit the United States. His comments came as Wall Street stocks plummeted, continuing the volatility stemming from the escalating trade war with China.
The S&P 500 fell 3.6%, erasing a significant portion of Wednesday’s gains, while the Dow Jones Industrial Average dropped over 1,100 points. These declines follow President Trump’s announcement of a pause on many global tariffs, an action that initially triggered a market surge.
The White House clarified that the final tariff rate on Chinese imports will be 145%, higher than the 125% figure President Trump initially mentioned on social media. While expressing hope for a deal with China, President Trump offered no concrete details regarding his negotiating objectives.
White House National Economic Council Director Kevin Hassett revealed that the administration has received proposals from over 15 countries. He indicated that the next step involves solidifying President Trump’s priorities for the negotiations. The administration is currently consulting with key officials to determine those priorities. The ongoing uncertainty surrounding the trade war continues to rattle the U.S. economy.
First Piper 