US will be 'flooded with jobs' as foreign nations avoid tariffs, Trump says

Trump said U.S. consumers could see prices rise in the "short term" due to the tariffs, but that prices will lower and that industries across the board would benefit. 

"And I think the farmers are going to be helped by this very much because product is being dumped into our country and our farmers are getting hurt very badly by the last administration," Trump said. "The last administration hated our farmers, like, at a level that I've never seen before. I think our farmers are going to be helped. Jobs are going to be helped. But our farmers are going to be helped, our manufacturers are going to be helped." 

"And again, if somebody wants to come in, including the car companies, if they want to come in and build car plants, they'll do it without tariffs. And therefore, prices won't go up. There could be some short-term disturbance, but long term, it's going to it's going to make our country a fortune," he added. 

The plan includes tapping Howard Lutnick, Trump's nominee for commerce secretary, to produce a report on reciprocal trade relations within 180 days. Lutnik said Thursday that he will have the report ready for Trump by April 1. 

Trump's reciprocal tariff announcement follows him leveraging tariffs against Mexico, Canada and China earlier in February. The tariffs were created in light of "extraordinary" threats stemming from "illegal aliens and drugs, including deadly fentanyl," according to Trump's executive order authorizing the tariffs. 

China, on the other hand, imposed tariffs on some U.S. imports in response to Trump's tariffs. 

Fox News Digital's Greg Norman contributed to this report.