President Donald Trump defended his decision Friday to raise trade tariffs on China to 25 percent after they walked back a proposed trade deal.
The 25 percent tariff went into effect overnight as the president signaled he was prepared to wait out China in the ongoing trade battle.
“Talks with China continue in a very congenial manner – there is absolutely no need to rush – as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products,” Trump wrote on Twitter. “These massive payments go directly to the Treasury of the U.S.”
Trump scolded China for trying to renegotiate a deal with the United States at the last minute, reminding them he was committed to forcing them to make a deal.
“Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch! In the meantime, China should not renegotiate deals with the U.S. at the last minute,” Trump wrote. “This is not the Obama Administration, or the Administration of Sleepy Joe, who let China get away with “murder!”
Trump also signaled he was prepared to impose tariffs on the rest of the $325 billion in China trade exports in retaliation from China.
“In the meantime, we will continue to negotiate with China in the hopes that they do not again try to redo deal!” Trump wrote on Twitter. “Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do.”
Chinese officials vowed to hit back but have not detailed a plan.
“China deeply regrets that it will have to take necessary countermeasures,” China’s Commerce Ministry said in a statement.
Trump assured farmers that the United States would make up the difference by purchasing massive quantities of agricultural goods and shipping it to poor and starving countries.
“Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!” Trump wrote.
Trump said that the tariffs would raise $100 billion in revenue for the federal government, which would make it easy to afford the $15 billion in agricultural products to make up the difference to farmers.
“If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else,” he wrote.
Trump also predicted that China would suffer economic consequences from additional tariffs.
“China would greatly slow down, and we would automatically speed up! We have lost 500 Billion Dollars a year, for many years, on Crazy Trade with China,” he wrote. “NO MORE!”
Talks with China continue in a very congenial manner – there is absolutely no need to rush – as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S….
— Donald J. Trump (@realDonaldTrump) May 10, 2019
….The process has begun to place additional Tariffs at 25% on the remaining 325 Billion Dollars. The U.S. only sells China approximately 100 Billion Dollars of goods & products, a very big imbalance. With the over 100 Billion Dollars in Tariffs that we take in, we will buy…..
— Donald J. Trump (@realDonaldTrump) May 10, 2019
….agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance. In the meantime we will continue to negotiate with China in the hopes that they do not again try to redo deal!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch! In the meantime, China should not renegotiate deals with the U.S. at the last minute. This is not the Obama Administration, or the Administration of Sleepy Joe, who let China get away with “murder!”
— Donald J. Trump (@realDonaldTrump) May 10, 2019
Tariffs will make our Country MUCH STRONGER, not weaker. Just sit back and watch! In the meantime, China should not renegotiate deals with the U.S. at the last minute. This is not the Obama Administration, or the Administration of Sleepy Joe, who let China get away with “murder!”
— Donald J. Trump (@realDonaldTrump) May 10, 2019
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