Amid reports that the ongoing trade war between the United States and China is doing bad rather than good for the country, the US President Donald Trump on Wednesday said the tariffs imposed on Chinese products worth more than $250 billion has not had any impact on the US economy.
In an interview with Fox News, Trump asserted that the increased tariff rate has helped in bringing in billions of dollars into the country. He added that the trade war has negatively impacted China and its revenue.
“Now they’re paying 25 percent tariffs on $250 billion hasn’t affected our economy, has it? Costs haven’t gone up, inflation still low, very low, hasn’t had an impact that we see except for one, billions of dollars are pouring into the treasury,” Trump said. “If you look at China they’re down $20 trillion and we’re up $11.7 trillion in worth, that’s a tremendous number.”
When Trump was asked if he is ready to begin talks with China again, he said he doesn’t think so.
While addressing reporters during a Cabinet meeting at the White House, Trump said China will find it hard to enter into a trade deal with America as the US has rebuilt the country but at the cost of a massive trade deficit. He further explained that China has benefited a lot from the current trade relationship with the US, so, this is the main reason that they are not willing to go for a change.
“We have rebuilt China, just so you understand. Our country has rebuilt China, with their hard work and genius also. But how our country has allowed itself to lose USD 500 billion a year, and much more than that, is ridiculous, is ridiculous,” the US President said. “So, it’s hard for them to do a deal, because they’ve had it so good for so long; it’s a very hard thing for them to do.”
Trump is expected to have a meeting with Chinese President Xi Jinping at the G20 summit next month.