Trump says he’s in ‘no rush’ for trade deals, calls tariffs a source of US wealth

US President Donald Trump said on Thursday that he is in “no rush” to finalise any trade agreements, claiming that tariffs are making the United States “rich”. During a meeting with Italian Prime Minister Giorgia Meloni, Trump said striking a deal with the European Union would be easy, but indicated no urgency to do so.

“We’re in no rush,” Trump told reporters, adding that he believes he has the upper hand as “other countries want to make deals more than I do.” Despite her warm relationship with Trump, Meloni was unable to persuade him to reconsider tariffs.

Trump repeated his criticism of former President Joe Biden, saying, “We were losing a lot of money under Biden. And now that whole tide is turned.”

Meloni urges unity as EU braces for economic impact

Meloni positioned herself as a mediator between Europe and the US, warning that increased tariffs risk dividing the West. “The goal for me is to make the West great again,” she said, calling for cooperation on trade and security issues.

Italy enjoys a €40 billion (£34 billion) trade surplus with the US — its largest with any single country — largely due to American demand for Italian wine, cheese, cured meats and luxury fashion. These sectors, crucial to the Italian economy, are dominated by small- and medium-sized businesses aligned with Meloni’s centre-right base.

However, Trump defended his tariff policy, brushing off concerns about economic consequences. “Tariffs are making us rich,” he said, rejecting claims that rising interest rates and stock market volatility are tied to his trade measures.

Trump signals limited flexibility, hints at China TikTok link

While he paused a planned 20 per cent tariff on EU goods for 90 days — instead imposing a 10 per cent baseline — Trump showed no signs of rolling back the broader tariff strategy. He suggested that tariff rates could be adjusted depending on China’s actions, particularly regarding the sale of the social media platform TikTok.

“Tariff negotiations are actually simpler than everyone has said,” Trump said. “A number of people are going to pay that number or they’re going to decide to go elsewhere — if there is such a place. There really is no elsewhere.”

Defence spending and Ukraine support expose divisions

Despite alignment on conservative values and opposition to multilateral institutions, Trump and Meloni diverged on key issues such as Ukraine and NATO. While Trump has previously criticised Italy for spending just 1.49 per cent of its GDP on defence, Meloni avoided committing to any specific increase.

“We didn’t speak about how much that percentage would be increased, even though we are truly aware that the theme of defence is particularly important,” Meloni said.

Italy has maintained strong support for Ukraine since Russia’s invasion in 2022, a stance that contrasts with Trump’s more sceptical approach to foreign engagements.

EU seeks clarity, warns of tariff fallout

The EU continues to push for clarity from the US. European Commissioner Maroš Šefčovič recently met US officials in Washington, warning that reaching a “zero tariff” scenario would require joint effort, particularly amid US objections to Europe’s value-added tax system.

Meanwhile, Italy has already halved its economic growth forecast for the year, from 1 per cent to 0.5 per cent, citing global uncertainty stemming from tariff disputes.