(NewsNation) — President Donald Trump spoke to business leaders in Washington, D.C. on Tuesday evening as Wall Street continues to react to changing tariff policies.
Members of the White House press pool were escorted out shortly after Trump’s remarks started.
The president met with 100 CEOs from the largest companies in America, including Apple, JP Morgan, Chase and Walmart, many of whom have seen their market value fall in recent days.
The stock market has been jittery amid the uncertainty as Trump has threatened, then delayed tariffs on multiple countries, including Canada.
However, Trump said the possibility of businesses moving back into the United States is bigger than the tariffs.
“The biggest win is if they move into our country and create jobs,” Trump said.
Ontario Premier Doug Ford backed down on a proposed 25% export tax on electricity to the U.S. Tuesday afternoon, after Trump delayed some tariffs on Canada for another month. The province supplies electricity to Minnesota, New York and Michigan.
Trump adviser Peter Navarro said the president will no longer double steel and aluminum tariffs on Canada to 50%, which the president initially announced after Ford’s decision. The 25% tariffs are still currently set to go into effect tomorrow morning,Navarro said.
A White House spokesperson confirmed this Tuesday afternoon.
The uncertainty has hit the markets, with a massive sell-off on Monday erasing gains since the November election.
That has also trickled down to consumer spending, with consumer confidence dropping for the first time since last June as nearly every income group says they are tightening their belts in response to tariffs.
Airline CEOs issued a warning on Tuesday that travel demand is starting to fall as well.
Trump says the pain is only part of the transition and that tariffs will bring back manufacturing and make America rich.
White House Deputy Chief of Staff Stephen Miller echoed that claim to NewsNation.
“President Trump is now taking the necessary steps to pull our economy out of these multiple crises that he inherited. By definition, there’s going to be a transition period to tame inflation,” he said.
Many Republicans, including House Speaker Mike Johnson, R-La., are standing by Trump. But others, including Sens. Susan Collins, R-Maine, and Rand Paul, R-Ky., have expressed fears about how tariffs could impact the economy and local comunnities.
