00:00U.S. President Donald Trump says Americans could feel some short-term pain after several
00:05countries promised retaliation over a slew of U.S. tariffs.
00:10Canada and Mexico have already announced counter-tariffs on U.S. goods after Trump signed executive
00:15orders imposing a 25 percent tax on the two countries' imports.
00:20China, which was hit with 10 percent tariffs, will reportedly propose restoring the unused
00:25Phase 1 trade agreement from 2020, according to the Wall Street Journal.
00:30That deal required China to increase purchases of American products by about $200 billion
00:35U.S. dollars over a two-year period.
00:38And speaking about the EU, Trump said that tariffs were incoming, but that deals with
00:42the U.K. could be worked out.
00:45Well, Prime Minister Starmer has been very nice.
00:48We've had a couple of meetings.
00:49We've had numerous phone calls.
00:50We're getting along very well.
00:51And we'll see whether or not we can balance out our budget.
00:52With the European Union, it's a $350 billion deficit.
00:53So, obviously, something's going to take place there.
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