WASHINGTON – President Donald Trump urged businesses on Tuesday in a series of Twitter posts to manufacture their products in the United States, where “there is no Tariff,” defending the position his administration has staked out in the trade war with China.
“In one year Tariffs have rebuilt our Steel Industry – it is booming! We placed a 25% Tariff on ‘dumped’ steel from China & other countries, and we now have a big and growing industry. We had to save Steel for our defense and auto industries, both of which are coming back strong!” Trump tweeted.
On Monday, Trump said his administration was within its rights to impose a 25 percent tariff on another $325 billion of Chinese goods, adding that he had not made a final decision yet.
China, for its part, announced that it was imposing a 25 percent tariff effective June 1 on $60 billion worth of goods imported from the United States in response to the tariffs imposed by Washington on $200 billion worth of Chinese goods last week.
“China buys MUCH less from us than we buy from them, by almost 500 Billion Dollars, so we are in a fantastic position. Make your product at home in the USA and there is no Tariff. You can also buy from a non-Tariffed country instead of China. Many companies are leaving China,” the US president said.
“We are now a much bigger economy than China, and have substantially increased in size since the great 2016 Election. We are the “piggy bank” that everyone wants to raid and take advantage of. NO MORE!” Trump tweeted.
Last week, negotiators failed to reach an agreement to end the trade war that began in 2018 with Trump’s decision to impose a 10 percent tariff on $200 billion worth of goods from China, which retaliated with levies on $60 billion worth of US products.
At 12:01 am last Friday, between the first and second sessions of those talks, the US raised the tariffs on affected Chinese imports from 10 percent to 25 percent.
Though both sides spoke of their readiness to continue the negotiations, Treasury Secretary Steve Mnuchin acknowledged Friday that no further talks were scheduled.
The Trump administration increased the tariffs because Beijing was resisting the idea of enshrining in Chinese law some of the concessions Beijing has offered, such as measures to respect the intellectual property of US firms operating in China, White House chief economic adviser Larry Kudlow said on Sunday.
Kudlow said there was a “strong possibility” that Trump and Chinese President Xi Jinping may meet face-to-face in Japan next month during the G20 economic summit.