Trump recognises tariff 'transition difficulty'
Newshour
BBC
4.4 • 984 Ratings
🗓️ 10 April 2025
⏱️ 47 minutes
🧾️ Download transcript
Summary
There's continuing turmoil on Wall Street as uncertainty continues over US trade policy. The Dow Jones is down by more than five percent. The fall contrasts with the huge gains made on Wednesday in response to Donald Trump's suspension of many tariffs on countries other than China. The dollar has slipped against European currencies and the price of oil is down.
Also on the programme: Why one Russian Priest continues to speak out against the war in Ukraine in spite of the risks of doing so; and George Clooney swaps the screen for the stage.
(Photo credit: Reuters)
Transcript
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| 0:00.0 | Hello and welcome to News Hour live from the BBC World Service in London. I'm Rebecca Kesb. |
| 0:10.2 | Now, whether President Trump blinked, did a U-turn or backtracked on his radical tariff policy when he announced his 90-day pause on reciprocal tariffs has been the talk of the day. His supporters |
| 0:22.4 | have been out in force saying this was always the plan that it's all about negotiation and this |
| 0:27.3 | is just more evidence that Mr Trump really is an expert in the art of the deal. President Trump |
| 0:32.7 | himself struck a reassuring tone in his cabinet meeting at the White House today. He acknowledged that a |
| 0:38.2 | period of difficult transition is inevitable, but insisted that things would turn out well. |
| 0:44.2 | We think we're in very good shape. We think we're doing very well. Again, there'll be a transition |
| 0:49.2 | cost and transition problems, but in the end it's going to be a beautiful thing. |
| 0:57.0 | We're doing again what we should have done many years ago. |
| 1:02.0 | We're letting it out of control, and we allowed some countries to get very big and very rich at our expense. |
| 1:15.3 | I'm not going to, can't let that happen. It's not a sustainable formula. |
| 1:21.6 | But there have been more losses on the stock markets today, particularly in the states and the trade war with China has become even more intense. The White House now says there will be a total |
| 1:26.9 | tariff on China of 145%. |
| 1:30.5 | Let's get the latest from our business correspondent live in New York, Erin Delmore. |
| 1:36.0 | Erin, first let's start with those markets because after all the turbulence, the markets in Asia and Europe at least, look more today, but not so in the state. |
| 1:47.3 | No, steady footing doesn't last very long here on Wall Street, definitely not over the last |
| 1:51.5 | couple of days, and not since President Trump's April 2nd Liberation Day announcement. |
| 1:55.7 | Today, a sea of red. We saw the Dow and the day down more than a thousand points, that's |
| 1:59.9 | on a percentile basis down |
| 2:01.2 | 2.5 percent. The S&P down about three and a half percent and the NASDAQ down just above |
| 2:06.4 | four percent. So we did at one point today see those indexes wipe out half of their gains from |
| 2:12.1 | yesterday. And remember just a different scene yesterday, a euphoric moment on Wall Street when the president |
... |
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