Trump talks tough on China, EU trade
President Donald Trump took a hard line on tariffs on Chinese goods today, which BBC News noted caused the Dow Jones, Nasdaq and S&P to fall.
Speaking to reporters before he left on a trip to Ohio, in response to a question about whether he would remove the tariffs on Chinese steel and aluminum, Trump said, “We’re not talking about removing them. We’re talking about leaving them and for a substantial period of time, because we have to make sure that if we do the deal with China, that China lives by the deal. Because they’ve had a lot of problems living by certain deals and we have to make sure.”
The Chinese imposed retaliatory tariffs on U.S. farm products and it seems unlikely they will remove them if the U.S. tariffs are not removed.
Trump added, “But we’re getting along with China very well. President Xi is a friend of mine. The deal is coming along nicely. We have our top representatives going there this weekend to further the deal. But, no, we have — we’re taking in billions and billions of dollars right now in tariff money. And for a period of time, that will stay.”
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Trump was apparently referring to Treasury Secretary Steve Mnuchin and Trade Representative Robert Lighthizer, whose travel plans have been reported by The Wall Street Journal.
Asked whether he will impose tariffs on European Union autos, Trump said, “It’s up for review, and the European Union has been very tough on the United States for many years but nobody talked about it. And so we’re looking at something to combat it.”
“Not only do they charge our companies — if you look, it was 1.6 billion to Google; it just happened yesterday. And a lot of other things. A lot of litigation.
“But I say the European Union has been as tough on the United States as China, just not as much money involved.
“We’ll see what happens. We’ll see whether or not they negotiate a deal. If they negotiate a deal, a fair deal, that’s a different story,” Trump said.
–The Hagstrom Report
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