PRESIDENT Donald Trump has insisted his sweeping tariffs will keep America ready in case it needs to defend itself in war.
Trump said he doesn’t want the US to have to depend on China for resources, days after revealing that no country will be “getting off the hook” after pausing reciprocal tariffs for 90 days.
“We’re going to have our drugs made in the United States, so that in case of war, in case of whatever, we’re not relying on China and various other countries, which is not a good idea,” Trump told reporters on Sunday night.
His statement comes as the stock market inched up on Monday morning following a week of historic swings while markets reacted to Trump relaxing his reciprocal tariffs.
The S&P 500 was up 1.7% in early trading on Monday. The Nasdaq composite was rising 2.5% and the Dow Jones Industrial Average was up 434 points.
Apple, Nvidia, and other tech giants also rose in the market after Trump promised to exempt smartphones, computers, and other electronics from his tariffs.
However, Trump’s crackdown on foreign imports shocked gamers after Sony said it will hike the price of its beloved PlayStation 5 console in markets in Europe, Britain, Australia and New Zealand – citing high inflation and fluctuating exchange rates.
The Japanese technology and entertainment giant is raising the cost of a PS5 without a disc drive by 11% to $569.59 from April 14.
The price of the same device will rise by 10% in Britain to £429.99 – or $566.90.
Manufacturers of electronics are facing headwinds including trade disruption in the wake of the imposition of tariffs by Trump.
Nintendo said earlier this month it is delaying the start of pre-orders for the Switch 2 gaming device in the United States as it examines the potential impact of tariffs.
The Switch 2, which Nintendo said last month is priced at $449.99 in the US, is the long-anticipated successor to its hit hybrid home-portable Switch and is due to launch on June 5.
Meanwhile Xi Jinping has said “there are no winners in a trade war, or a tariff war,” as he kicked off a diplomatic tour of Southeast Asia today.
The Chinese president also reiterated China’s commitment to global trade – unlike Trump’s latest tariffs moves, he hinted.
Xi wrote in an editorial, jointly published in Vietnamese and Chinese official media: “Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment.”
It comes after Trump warned that no country will be “getting off the hook” as the Republican revealed new rates will come this week.
Trump pushed back against suggestions that the pausing of “reciprocal” tariffs on Friday meant that countries initially hit with the heavy levies had been spared.
Instead, he warned that no country is “off the hook,” singling out China for criticism after his administration created exceptions for certain tech products.
He said in a post on his Truth Social platform: “NOBODY is getting ‘off the hook’ for the unfair Trade Balances.
“Especially not China which, by far, treats us the worst!”
America had spared smartphones, computers, TVs, and microchips from a brutal 145% tariff on Chinese goods.
But, on Sunday, Trump said he would be announcing the tariff rate on imported semiconductors over the next week.
However, he revealed there would be some flexibility with various companies in the key sector.
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