U.S. President Donald Trump suggested late Friday that he could offer exemptions to his sweeping 10% tariff on most U.S. trading partners but reaffirmed that the rate represents a firm baseline in upcoming trade negotiations.
“There could be a couple of exceptions for obvious reasons but I would say 10% is a floor,” Trump told reporters aboard Air Force One, without specifying which countries might qualify or what conditions would apply.
The comments came as global concerns mounted over the potential economic and humanitarian impact of the U.S. tariff regime.
According to Bloomberg News, Chinese Trade Minister Wang Wentao warned that Washington’s tariff escalation “will cause great harm to the developing world and may even trigger a humanitarian crisis.”
Wentao was speaking Friday in a video call with World Trade Organization Director-General Ngozi Okonjo-Iweala.
Wang emphasized that China’s “decisive countermeasures” are designed to protect its interests and promote fairness in global trade. He called on WTO members to unite against “unilateralism, protectionism, and bullying practices” and urged greater multilateral cooperation.
According to a statement from China’s Ministry of Commerce, Wang said the least developed countries are among the most vulnerable to the fallout from U.S. trade actions.
Meanwhile, Trump downplayed market concerns, saying “the markets were solid today” and brushing off recent volatility in Treasuries and the dollar. Stocks rallied on Friday, capping off a volatile week on Wall Street with strong gains across major indexes.
The S&P 500 rose 1.8% while the Dow Jones Industrial Average added 1.6%. The NASDAQ Composite advanced 2.1%.
Markets gained additional momentum in the afternoon after the White House said President Donald Trump is “optimistic” that China will pursue a trade agreement with the U.S.
“The bond market’s going good. It had a little moment but I solved that problem very quickly,” he said.
Trump also reinforced confidence in the dollar’s global dominance: “If a nation said we’re not going to be on the dollar, I would tell you that within about one phone call they would be back on the dollar.”
