Donald Trump boasts tariffs working: ‘Very strong bargaining position’
President Trump on Monday said his get-tough tariffs give the United States the edge in trade bouts, as he prepares to slap more duties on $200 billion of Chinese goods.
“Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!” Mr. Trump tweeted.
The U.S. and China are on the brink of a dramatic escalation of the trade war.
Mr. Trump is expected to impose the new tariffs, which are on top of his $50 billion in tariffs on China earlier this year.
The president’s tariff policy is aimed at forcing China to stop unfair trade practices and the theft of American intellectual property. China has not budged.
Mr. Trump said the thriving steel industry demonstrates the effectiveness of tariffs. He imposed tariffs on aluminum and steel in June.
“Our Steel Industry is the talk of the World. It has been given new life, and is thriving. Billions of Dollars is being spent on new plants all around the country!” he tweeted.
The president also threatened to follow the $200 billion in tariffs on China with another $267 billion, essentially taxing all of China’s annual exports to the U.S.
Beijing vowed to retaliate by canceling trade meetings scheduled for this week and unleashing more measures, including restating exports to the U.S.
The restriction could hit U.S. companies such as Apple that operate in China, including blocking iPhone deliveries to the U.S., according to a Wall Street Journal report.
Beijing previously responded by matching Mr. Trump’s tariffs with duties on $50 billion of U.S. goods.