Trump addresses stock market losses, China trade deficit

As the stock market plunged on Thursday, Vice President JD Vance sat down with Newsmax, where he echoed President Donald Trump, saying the stock market will boom because there's reinvestment into the United States.

"We're going to have a booming stock market for a long time because we're reinvesting in the United States," Vance said.

"We care the most about American workers and small businesses. They're the ones who are really going to benefit from these policies," he added.

Vance then suggested that there will be "some transition" that comes with the tariffs; however, pivoted to outlining the administration's goal of trying to get new investments into the United States.

"Yes, there is some transition that's going to come along with this, but you're already seeing the evidence that things are getting better," Vance said. "Egg prices are lower, energy prices are lower. You've got trillions of dollars of new investment coming into the country. That's people who are building factories because they want to avoid the tariffs," he added.

-ABC News' Kelsey Walsh

Trump was asked if he was open to speaking to any of the countries affected by the tariffs and he said it depends on what they were offering.

"For instance ... we have a situation with TikTok where China will probably say, we’ll approve a deal, but will you do something on the tariff? The tariffs give us great power to negotiate," he said.

Trump told reporters that tariffs on computer chips and pharmaceuticals are being worked on and would be on a "level that you haven't really seen before."

"It's a separate category, and we'll be announcing that sometime in the near future, not too distant future. That's under review right now," he said without giving more details.

Trump spoke with reporters on Air Force One and was asked to chime in with disasters day for the stock market.

The president claimed that he was handed "a terrible economy" alleging many manufacturing jobs were lost.

"It's going to be amazing actually and we see it because we have trillions of dollars committed to come in, trillions," he claimed.

Trump also alleged that more plants will be opening. Jeep maker Stellantis said on Thursday it will temporarily pause production at two plants.