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    HomeAsian economyMajor US stocks see biggest losses since 2020 after Trump's tariffs announcement

    Major US stocks see biggest losses since 2020 after Trump’s tariffs announcement

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    Trump says vehicle firms have begun moving production to USpublished at 21:57 British Summer Time 3 April

    Bernd Debusmann Jr
    Travelling with the president

    Trump speaking on Air Force OnwImage source, BBC/Bernd Debusmann Jr
    Image caption,

    Trump speaking to reporters a short time ago on Air Force One

    On his flight from Washington DC to Miami this afternoon, President Trump surprised reporters in the back of the plane by stopping by for an extended question-and-answer session.

    Over the course of 20 minutes, Trump answered a wide range of questions, about everything from TikTok and Elon Musk’s future to the Chagos Islands and New York’s mayoral race.

    The bulk of the questions, however, were on tariffs.

    In response to a BBC question on his message to American workers and businesses that may ultimately feel the impact of retaliatory tariffs, Trump said: “I think it’s going to all work out.”

    “Remember, there are no tariffs if you build your plant, or make your product in the US,” he said. “There’s going to be a transition period, because they’re going to be building instead of paying tariffs to some other place.”

    “All you have to do is build or make your product in the United States, and a lot of people are doing that,” he added.

    According to Trump, he spoke to two of the five major automobile manufacturers.

    “They’ve already started moving their parts-making out of Mexico, out of Canada, and into the United States,” he said.

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