Trump: Market ‘pain’ necessary for long-term gain

As President Trump explained Friday morning that proposed tariffs against China will cause some short-term “pain” to the U.S. economy and investors,
the Dow was down 700 points before closing Friday afternoon.

After China announced new tariffs on 106 U.S. products Wednesday in response to the Trump administration’s proposed tariffs on Chinese-made products, Trump said Thursday evening he has asked the United States trade representative to consider $100 billion in additional levies.

China’s Commerce Ministry reacted Friday, vowing a “major response” to the new tariffs from the U.S.

Trump tweeted later: “China, which is a great economic power, is considered a Developing Nation within the World Trade Organization. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair. We were badly represented. The WTO is unfair to U.S.”

In an interview with WABC radio in New York City Friday morning, Trump acknowledged

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