Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Trump defends stance on China trade after new tariffs

Published 08/03/2019, 09:35 AM
Updated 08/03/2019, 09:41 AM
Trump defends stance on China trade after new tariffs

Trump defends stance on China trade after new tariffs

WASHINGTON (Reuters) - U.S. President Donald Trump said on Saturday that things are going well with China, insisting U.S. consumers are not paying for import taxes he has imposed on goods from that country although economists say Americans are footing the bill.

"Things are going along very well with China. They are paying us Tens of Billions of Dollars, made possible by their monetary devaluations and pumping in massive amounts of cash to keep their system going. So far our consumer is paying nothing - and no inflation. No help from Fed!" Trump said on Twitter.

He also said - without presenting evidence - that countries are asking to negotiate "REAL trade deals," saying on Twitter, "They don't want to be targeted for Tariffs by the U.S."

Trump abruptly decided on Thursday to slap 10% tariffs $300 billion in Chinese imports, stunning financial markets and ending a month-long trade truce.

China vowed on Friday to fight back.

Tariffs are intended to make foreign goods more expensive to boost domestic producers, unless international exporters reduce prices. But there has been no evidence that China is cutting prices to accommodate Trump's tariffs.

A study published by the National Bureau of Economic research in March found that all of the cost of tariffs imposed in 2018 were passed on to U.S. consumers.

Latest comments

Id like to see trumps stock portfolio.
We got tough smart people in charge get of the USA now. Rest assured we will live happy. Japan and others as well. China will be dragging Xie in the town square when this is over.
Right... China paying the tariff... just like Mexico pays for the wall? Bull from Trump as usual.. . . . While US citizens ends up paying for Trump's tariff, Trump is using these to manipulate market up & down, making boatloads.. . . US citizens got played again & again.
trump mad
China becoming big loser in history days are coming.
So embarrassed as to how this is all being handled.
Get ready for second half holiday. Businesses will have to pass the tarriff cost to consumers. We might have a dark christmas that will reck businesses as a large amount of sales are around that time.
Get educated. Your propaganda filth isn't being bought here.
your goods will finally cost as much as made in usa
Mr president don't know much about Xi and his Communist party.They're lose nothing. they're collected the money from US import tax to their own pocket .no mater tariffs from US Xi and his party pay a ********cent
One can't simply 'print' more currency and expect to grow. US is winning big.
We are in for something similar if not much worse than the great depression. . . these easy to win trade wars turned out to be a collosol mistake
we may see a correction as esdnings are lowered but you are standing to close the image to see the big picture... a reshuffle of supply chains and the most agile companies will come out on top... CSCO
In 2008 microsoft estimated it losing 10 billion in pirated software to china... wonder whst thst number is to know... they also had to telease their code to the government... forced IP theft... cant support that
Mean while chinas dictatorship rule over hong kong is in the throws of revolution... indicative of china being wrong about how they trest theor own people let alone the world...
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.