Trump 2nd term updates: Trump says USAID is run by 'radical lunatics'

President Donald Trump campaigned relentlessly on high prices during the 2024 campaign, promising to bring down costs for American families.

As he pursues aggressive tariffs against key U.S. trading partners -- China, Canada and Mexico -- experts say it could raise prices in the United States for groceries, gas and more everyday goods. That's because importers typically pass along a share of the cost of those higher taxes to consumers.

When confronted with that issue in the Oval Office, Trump acknowledged that happens "sometimes."

"There could be some temporary short-term disruption, and people will understand that," he told reporters.

Trump went on to claim his administration is "going to have great success" with tariffs.

President Donald Trump on Friday hinted more taxes could be in store on various industries -- including steel, aluminum, copper, computer chips and pharmaceuticals.

Next month we're going to be putting tariffs on steel and aluminum, and we'll give you an announcement as to what the exact date is," Trump said as he spoke to reporters in the Oval Office. He didn't provide any other details.

He also said he was "absolutely" going to place tariffs on the European Union, though he didn't elaborate.

One day before his administration will slap tariffs on three of the country's biggest trading partners, Trump said the move is an economic decision and not a negotiating tool.

"Mr. President, is there anything China, Canada and Mexico can do tonight to forestall your implementation of tariffs tomorrow?" a reporter asked in the Oval Office.

"No, not right now," he said.

Trump said he was not looking for specific concessions from the nations, though he criticized Mexico and Canada on the borders and China on fentanyl. "They've treated us very unfairly," he said.

Canadian Prime Minister Justin Trudeau responded to the 25% tariff the Trump administration will launch starting on Saturday.

"We don't know precisely what that could look like, but I do know two things: first, if the president does choose to implement any tariffs against Canada, we're ready with a response," he said on Friday. "A purposeful, forceful, but reasonable immediate response."

"If tariffs are implemented against Canada, we will respond," Trudeau continued. "We won't relent until tariffs are removed and, of course, everything is on the table."