President Trump, “Tariffs Are Working, US and China Are Talking”
Saturday, US President Donald Trump defended his use of tariffs against China and other countries, saying the trade measures are “working far better than anyone ever anticipated.”
“Tariffs have had a tremendous positive impact on our Steel Industry,” he said in a Tweet. “Plants are opening all over the US, Steelworkers are working again, and big dollars are flowing into our Treasury.”
“Tariffs will make our country much richer than it is today,” President Trump said in another Tweet. “Only fools would disagree.”
He also said China was “for the 1st time doing poorly against us.
His Tweets came on a new surge in trade tensions with China. Earlier this week, the US President told his Top trade official to study whether to raise tariffs on $200-B in Chinese goods from a planned 10 to 25%.
Beijing then threatened to impose an additional $60-B in tariffs on a variety of American goods, which White House economic advisor Larry Kudlow dismissed as “a weak response.”
On Saturday China’s foreign minister Wang Yi called his country’s threat “fully justified and necessary.”
Speaking on the sidelines of a security forum in Singapore, he hit back at Mr. Kudlow’s remarks: “As to whether China’s economy is doing well or not, I think it is all too clear to the whole international community,” Wang said, adding that China contributed a huge amount to global economic growth.
“We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt US families and workers more than they will hurt China,” a major trade group, the National Retail Federation (NRF), said in a statement last week.
While President Trump has taken credit for new steel jobs created with the help of tariffs, retaliatory measures by Beijing and others have rattled US Soybean farmers and the many companies reliant on increasingly expensive steel as a raw material.
America First, MAGA + KAG (Keep America Great)
Have a terrific weekend