Investing.com -- U.S. President Donald Trump delivered remarks on the state of trade relations with China and other countries Tuesday, emphasizing the positive impact of tariffs on the American economy and outlining his administration’s approach to international trade deals. Trump highlighted the reduction of trade deficits and the revenue generated from tariffs on imported automobiles, steel, and aluminum.
Trump asserted that the U.S. is "doing fine with China" and other countries, contrasting the current situation with the previous administration, which he claimed saw the U.S. losing "$5 billion a day" on trade. He credited his administration’s imposition of a 25% tariff on the automobile industry and similar tariffs on steel and aluminum for reducing the trade deficit to "a very low number."
The President also said he has no intention of firing Fed Chairman Jerome Powell. The comments on Powell come days after he said on social media he should be terminated for not lowering interest rates faster.
Trump mentioned that the U.S. had been "ripped off" by many countries around the world due to a lack of leadership and ineffective trade policies in the past. He reiterated his commitment to "Make America Great Again" by focusing on renegotiating trade deals and ensuring fair treatment for the U.S. in the global marketplace.
Trump further commented on the stock market’s performance, noting that it was up today but that the country is currently in a "transition period." He stated that the U.S. has something valuable that other countries want, and this leverage will be used to negotiate trade deals that are more favorable to the U.S.
In his closing remarks, Trump emphasized that other countries must make deals with the U.S. to continue doing business, and if they do not, his administration will "set the deal." He expressed confidence that the process of negotiating these new trade agreements would move quickly, as many countries have already been engaged in discussions.