In a wide-ranging interview with NBC News, Trump talked about tariffs, sending Patriot missiles to NATO for Ukraine and how he’ll sell his recently passed “big, beautiful bill.”
President Donald Trump announced plans to impose sweeping new tariffs of 15% to 20% on most U.S. trading partners, downplaying concerns that higher import taxes could fuel inflation or rattle the markets.
In an exclusive phone interview with NBC News’ Kristen Welker, Trump said, “We’re just going to say all of the remaining countries are going to pay—whether it’s 20% or 15%. We’ll work that out now.” Current blanket tariffs sit at 10%.
“I think the tariffs have been very well received,” Trump added, pointing to Thursday’s record-high close for the S&P 500—though that followed weeks of volatility since Trump introduced his first wave of tariffs in April, which triggered a historic market drop.
Toy Prices and Tariff Warnings
Trump also dismissed recent warnings from Hasbro’s CEO that the tariffs could raise toy prices, saying, “I don’t care about their prices. If they made their toys here, they wouldn’t have a price increase.” Inflation has moderated since pandemic highs but remains above the Federal Reserve’s 2.3% target.
Despite touting progress, Trump’s trade agenda has seen delays. While his administration promised “90 deals in 90 days,” only three partial frameworks—with the UK, China, and Vietnam—have emerged. Still, Trump this week sent letters to 22 countries setting new tariff rates, including a 50% tariff on Brazilian imports. A similar 50% tariff on copper is expected to take effect next month.
Trade Tensions Escalate with Canada, E.U.
During the interview, Trump confirmed that letters outlining tariff hikes would soon be sent to Canada and the European Union. Hours later, he announced a 35% tariff on Canadian imports, reigniting a trade clash that had recently cooled.
The E.U., America’s largest trading partner, imported over $600 billion in goods to the U.S. last year. Canada follows closely, with $400 billion. European leaders are scrambling to avoid inclusion on Trump’s tariff list, while also preparing over $100 billion in retaliatory tariffs that specifically target industries in Republican-leaning states.
Weapons Deal With NATO and Ukraine
Trump also revealed details of a new NATO agreement involving U.S. weapons shipments to Ukraine. Under the arrangement, he said, “We’re sending weapons to NATO, and NATO is paying 100%.” NATO will then distribute the weapons to Ukraine.
The deal comes after a temporary hold on arms shipments earlier this month by Defense Secretary Pete Hegseth, which caught other Trump administration officials by surprise. Asked about the pause, Trump said, “I don’t know anything about it,” but praised Hegseth’s performance.
Trump hinted he would deliver “a major statement on Russia” on Monday but declined to elaborate. This came just one day after Russia launched a deadly missile strike on Kyiv, defying previous warnings from Trump.
Sanctions on Russia
Trump said he supports a sanctions bill led by Sen. Lindsey Graham (R-S.C.), which has backing from Senate Majority Leader John Thune (R-S.D.) and gives the president full discretion over enforcement.
“They’re going to pass a very major and very biting sanctions bill,” Trump said. “But it’s up to the president as to whether or not he wants to exercise it.”
Selling the “One Big Beautiful Bill”
Trump also spoke about the recently passed “One Big Beautiful Bill Act,” a sweeping domestic policy package. Despite mounting criticism over its steep cuts to Medicaid, food aid, and clean energy funding, Trump said he’s not planning a national promotional tour.
“It’s been received so well I don’t think I have to,” he said.
Signed into law on Independence Day, the bill extends Trump’s 2017 tax cuts, adds new temporary tax breaks on tips and overtime, boosts military and border security funding, and slashes social safety net programs. Democrats have already begun attacking Republicans in swing districts for supporting it.
“This is the big, beautiful betrayal,” Democratic National Committee Chair Ken Martin said on PBS NewsHour. “Every single Republican put their oath to Donald Trump ahead of their oath to their constituents.”
Trump brushed off such criticism, saying, “They said that about 2024, too. They’ve lost their minds, and they’ve lost their way.”
