Former US President Donald Trump has once again championed tariffs as the key tool to fix what he describes as “massive financial deficits” with global trade partners, particularly China and the European Union. He emphasized that these imbalances can only be corrected through strong reciprocal trade measures.
In a statement shared on the social media platform Truth Social on Sunday, 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.”
He also took a swipe at President Joe Biden, blaming his administration for an increased trade surplus with these countries and vowing to reverse it swiftly. “Some day people will realise that tariffs, for the United States of America, are a very beautiful thing!” Trump added.
Trade statistics from the Office of the United States Trade Representative show that the US goods trade deficit with China reached $295.4 billion in 2024 — a 5.8% increase from 2023. The US also recorded a $235.6 billion deficit with the EU in 2024, up nearly 13% from the previous year.
In response, Trump has announced sweeping tariff measures targeting countries with large trade surpluses with the US. Effective April 9, these countries — including China (34%), the EU (20%), Vietnam (46%), Taiwan (32%), Japan (24%), India (26%), and others — will face heightened, individualised import duties. India, notably, faces a 26% tariff on all its exports to the US.
These tariffs are part of Trump’s broader trade agenda, which he relaunched in February during the early days of what he called his second term, focusing on fairness and reciprocity in global trade.
Trump’s latest comments and policies signal a renewed push for aggressive trade reform as he positions himself against what he considers long-standing, unfair trade practices harming the US economy.
