Trump Doesn't Rule Out Section 232 Auto Changes for Japan
President Donald Trump, speaking to reporters as he flew back a day early from the Group of 7 summit in Canada, called both Japan and the EU tough negotiators, but said there's a chance that a deal can be arrived at with Japan.
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When a reporter noted that Japan wants changes to auto tariffs, not just reciprocal tariffs, and asked if that would happen, Trump replied, "We'll see what happens."
On the EU, he said, "I don't feel they're offering a fair deal yet." For all trading partners, he said, "We're either going to make a good deal or they'll just pay whatever we say."
Trump spoke with Canadian Prime Minister Mark Carney about trade, and the Canadian readout said they agreed to pursue negotiations toward a deal within 30 days. Trump said on the plane that the Canadian side gets "too complex on the deals, and they never get done. And we need speed."
Trump expressed satisfaction with the revenue coming in from tariffs, saying it's $88 billion. That was the amount collected in the previous fiscal year. However, according to CBP, the new tariffs Trump has levied since coming back into office resulted in $46.9 billion in revenue through May 30.
"We're making a lot of money," he said. "It's nothing compared to what it's going to be."
A reporter said, "You have other tariffs coming down the pike here," and Trump agreed: "I have a lot of them."
The reporter asked when these other Section 232 actions would lead to tariffs, and he said, "We're going to be doing pharmaceuticals very soon. It's going to bring all the companies back into America ... at least partially back in."