Trump says tariffs on China won't be dropped unless it gives 'something substantial'

US President Donald Trump said Friday that he will not lower tariffs on China unless they offer something "substantial" in return.

"We will not lower tariffs unless China gives us something substantial," Trump told reporters aboard Air Force One on Friday.

He called the prospect of a new 90-day pause in reciprocal tariffs after the current one "unlikely" and said if efforts to reach a deal are unsuccessful, they will set tariffs in a reasonable way.

Claiming that the US lost $5 billion a day under former President Joe Biden and that he brought this figure down, Trump said that this loss will soon reverse, but there is still a way to go.

MARKETS SAID TO ADAPT TO TARIFFS

Asked if markets are adapting to the prospect of higher tariffs after turmoil greeted his initial announcements, Trump said: "When you look at what's happening, I think so, yeah. I said there'd be a transition."

He added: "People haven't understood it, now they are starting to understand it."

Asked about allegations of insider trading in the markets based on his policies, Trump said that he could make a commitment for himself, but that thousands of people worked for him.