Trump: Tariff Policy with China Just Getting Started But Already Led to Drop in Chinese Stock Market

By Melanie Arter | September 18, 2018 | 9:02 PM EDT

Polish President Andrzej Duda and President Donald Trump (Screenshot)

(CNSNews.com) - President Donald Trump said Tuesday that his trade tariff policy toward China is just getting started but has already led to a drop in China’s stock markets for the past three months.

When asked whether his trade tariff policy is working, President Donald Trump during a joint White House press conference with Polish President Andrzej Duda, Trump said, “We just started. We didn’t do anything with respect to China, because we wanted to have the benefit of China having to do with North Korea, and they have been helpful. I hope they’re still helpful. There’s a question about that, but it got to a point where the numbers were too big. This should have been done for the last 20 years.

“If you look at the WTO, the World Trade Organization, that’s when China really happened economically. That was like a rocket ship, because they took advantage of the rules of the WTO, and whoever was standing at this podium in this incredible White House in the Oval Office, they should have done something about this long ago,” he said.

This week, the U.S. announced it would impose tariffs on $200 billion of Chinese goods. China retaliated by announcing it would impose tariffs on $60 billion of U.S. products, but reduce the amount of tariffs it collects.

“Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be ‘Tariffed!’” Trump tweeted Monday.

“Over the last number of years, China has taken out of this country $500 billion and more a year - $500 billion. That would go a long way for Poland, wouldn’t it? Rebuild your whole country. And that’s what China did. They rebuilt their country with tremendous amounts of money pouring out of the United States, and I’ve changed that around, and if you look at what’s going on, our market is going up like a rocket ship,” Trump said Tuesday during the joint press briefing with the Polish president.

“I don’t want their market to go down, but their market is down 32 percent in three months, because we can’t let them do anymore what they’ve done, and I watch trade deficits, because to me deficits are very important. They’re not everything, and they’re not exact. Sometimes you can have a deficit, and that’s not such a bad thing, but when you have $375 billion in trade deficits and then many billions of dollars in other liabilities of all different types, you have to do something about it,” the president said.

Trump complained that the United States has been getting “ripped off” by various countries around the world, but that won’t be happening much longer.

“We are the piggy bank to the world. We’ve been ripped of by China. We’ve been ripped off by - excuse me Mr. President - the European Union of which you’re a part of. We’ve been ripped off by everybody, and I want to protect the American worker, the American farmer, the ranchers, the companies, and we’re not being ripped off, you will see in a little while,” he said.

The president also announced Tuesday that U.S. has reached a trade deal with Mexico, one that he said is good for both parties.

 

“Speaking of that, we’ve come to a conclusion with Mexico. We have a wonderful deal for both parties. It was a very one-sided deal. Now it’s a good deal for both parties, very happy with it. The new president had conversation, and it was terrific. I think we’re going to have a good relationship. We’ll see,” he said.

“We want help on the border, because we have the worst immigration laws in the history of mankind or womankind. We have horrible, horrible immigration laws, so we want help, but we’ve come to a conclusion with Mexico,” the president added.

Similarly, Trump said Canada has been taking advantage of the U.S. by imposing a 300 percent tariff on U.S. dairy products.

“Canada has taken advantage of our country for a long time. We love Canada. We love it, love the people of Canada, but they are in a position that’s not a good position for Canada. They cannot continue to charge us 300 percent tariff on dairy products, and that’s what they’re doing,” he said.

Trump explained that he was ultimately successful in trade negotiations with European Commission President Jean-Claude Juncker.

“So this is a process. It takes a little time. The European Union wouldn’t talk to us. They wouldn’t talk to President Obama, wouldn’t even talk to me, and I said that’s okay, you don’t have to talk to me. Jean Claude is a tough man. He’s a very good man. I like him, but he’s tough. He’s nasty. He’s the kind of guy I want negotiating for me, but he’s a tough, tough cookie, and I said to him, we have to renegotiate the deal,” Trump recounted.

“He said, but Mr. President, we are very happy with the deal. We don’t want to negotiate. I said, you may be happy with the deal, but I’m not happy with the deal, and he didn’t want to renegotiate, and after three times, he still didn’t want to renegotiate. I said, that’s okay. We don’t have to renegotiate any longer. We’re going to put a tariff on all of the millions of cars you send into the United States,” Trump added.

“And honestly, he was in my office so quickly from Europe. I didn’t know they had airplanes that flew that fast. I said, where did you find this plane,” the president said.

“And we have the semblance of a deal, because it’s to a large extent economically all about cars. Cars are a very big factor, and they sent millions of BMWs and Mercedes into our country, so we are working on trade very hard. It’s very important to me. It has been for 30 years. I’ve been saying for 30 years,” he said.

“It started with Japan. I talked about Japan. I was right. I talked about China. I was right. It’s what I do, and I like doing it, but I like doing it for the people, because our country has been abused and taken advantage of by virtually every country that it does business with, and we’re just not letting it happen anymore. And that includes what I said previously about the military,”the president said.

 


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