Key Points

"We're always subject to negotiations when something is fair, but we've talked to most of the countries. Pretty much they have had their way for many, many decades. It was time that we just wanted fairness. This is not really equitable from our standpoint because this is a small token by comparison to damages been done over the years but we had no other president that was willing to do this, but I did it," he said.

He added that his second term would outperform his first in terms of tariff collection and economic impact.

"Even in my first term with China and others. We took in hundreds and billions of dollars of tariffs. No inflation, the most successful period of time we've ever had financially in the country- the first term, I think this time's going to be much better. Even better than the last time. This is going to be substantially better, and we're on our way doing that. We have already taken in over a hundred billion dollars' worth of tariffs and we haven't even started. All I have to say to other countries- some of them want to make it real and fair. Others got a little bit spoilt. For years, they have taken advantage of the country. So I would say final, but if they call with different alternative, I will do it," he said.

When asked if he is firm on his August 1 deadline for US tariffs, US President Donald Trump says, "I would say firm but not a 100 per cent firm. If they call up and they say we would like to do something in a different way, we will be open to that," he added.

Trump also confirmed that his administration had sent letters to 14 countries informing them of the reciprocal tariffs set to take effect from August 1.

- ANI