‘There will be transition cost’: Trump holds ground on tariffs as markets falter

Amidst ongoing trade tensions, President Trump acknowledged potential “transition costs” from his tariff policies, aiming to reshape the global economy by incentivizing US-based manufacturing. Despite raising tariffs on China, including those impacting fentanyl production, Trump expressed optimism for a future agreement. China retaliated with increased tariffs on American goods, while the EU paused planned countermeasures to allow for negotiations.