President Donald Trump boasted to Republican lawmakers that world leaders are eagerly trying to strike trade deals with the United States, claiming they are practically begging him for favorable terms as his new wave of tariffs officially takes effect.
“They’re calling us up, kissing my ass,” Trump said during a speech at the National Republican Congressional Committee Dinner in Washington. Mimicking foreign leaders, he added, “They are dying to make a deal. ‘Please, please sir, make a deal. I’ll do anything sir.’”
Trump’s remarks come as his latest round of sweeping tariffs kicked in early Wednesday morning, affecting a wide range of imported goods from dozens of countries. The move has already rattled global markets and signaled the start of what many are calling a full-blown trade war.
Among the most aggressive measures is a 104 percent tariff on Chinese goods, alongside levies ranging between 11 and 50 percent on products from numerous other countries, including allies in Europe and Asia. The tariffs have sparked fears of a global economic slowdown, with major trading partners vowing retaliatory measures.
Stock markets across Asia plummeted in response to the tariffs. Japan’s Nikkei index tumbled more than 5 percent, while the TOPIX index slid 4.6 percent. Hong Kong’s Hang Seng index dropped 4.3 percent, and Taiwan’s market suffered a sharp decline of over 5.7 percent. Analysts warn this could be the start of deeper instability in global financial markets.
During his remarks, Trump also revealed new plans to impose tariffs on imported pharmaceuticals, stating, “We’re going to tariff our pharmaceuticals, and once we do that, they’re going to come rushing back into our country because we’re the big market.”
The comments were met with applause in the room, but outside Washington, the response has been less enthusiastic. Economists, trade experts, and a growing number of lawmakers warn that Trump’s escalating trade war could backfire, raising prices for American consumers and businesses while doing little to bring manufacturing back to the U.S.
The new tariffs, combined with Trump’s combative rhetoric, have also deepened tensions with some of America’s closest allies, many of whom are now preparing to respond with tariffs of their own.
Critics argue that while the president may enjoy portraying himself as a hard-nosed dealmaker, the real-world consequences of his trade policies are already being felt and not in a good way. With markets reeling and global uncertainty rising, even some within Trump’s own party are beginning to question whether this aggressive approach is sustainable.