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Trump regrets not raising tariffs on China higher, White House says


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Trump regrets not raising tariffs on China higher, White House says

By Jeff Mason

 

2019-08-25T114613Z_1_LYNXNPEF7O0DR_RTROPTP_4_G7-SUMMIT.JPG

U.S. President Donald Trump speaks during a bilateral meeting with Britain's Prime Minister Boris Johnson during the G7 summit in Biarritz, France, August 25, 2019. REUTERS/Carlos Barria

 

BIARRITZ, France (Reuters) - President Donald Trump wishes he had raised tariffs on Chinese goods even higher last week, the White House said on Sunday, even as Trump signaled he did not plan to follow through with a demand that U.S. firms find ways to close operations in China.

 

Trump raised eyebrows on the sidelines of a G7 summit when he responded in the affirmative to questions from reporters on whether he had any second thoughts about raising tariffs on Chinese goods by 5%.

 

"President Trump responded in the affirmative - because he regrets not raising the tariffs higher," White House spokeswoman Stephanie Grisham said in a statement afterward that sought to clarify the president's remarks.

 

Trump announced the additional duty on some $550 billion (£447.9 billion) in targeted Chinese goods on Friday, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods.

 

The move was the latest round in a tit-for-tat trade war between the world's two largest economies that has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession.

 

When President Donald Trump said on Sunday that he had second thoughts about escalating the trade war with China, he meant that he wished he had raised tariffs on Beijing even higher, the White House said. Jillian Kitchener has more.

 

It came just hours after Trump said he was ordering U.S. companies to find "alternatives" to China, including closing operations there and moving production to the United States.

 

U.S. Treasury Secretary Steven Mnuchin said Trump could order companies out of China under the International Emergency Economic Powers Act if he declared a national emergency.

 

Trump indicated on Sunday that he was not planning such a step at this time, however.

 

"I could declare a national emergency. I think when they steal and take out, and -- intellectual property theft, anywhere from $300 billion to $500 billion a year, and where we have a total loss of almost a trillion dollars a year ... in many ways, that's an emergency," he said.

 

"I have no plan right now. Actually, we're getting along very well with China right now. We're talking," Trump said.

 

Mnuchin said the president did want U.S. businesses to start looking to shift investments away from China, saying they would be better off in the event the U.S.-China trade war lasted for a long time.

 

"We want them to be in places where they're trading partners that respect us and trade with us fairly," he said on the "Fox News Sunday" program.

 

'SECOND THOUGHTS ABOUT EVERYTHING'

During his meeting with Johnson on Sunday in France, Trump was asked if he had second thoughts about his latest escalation.

"Yeah, sure. Why not?" he said.

 

The reporter repeated the question and Trump replied: "Might as well. Might as well."

 

A second reporter followed up again, asking if he had second thoughts about escalating the trade war with China.

 

"I have second thoughts about everything," Trump responded.

 

Asked to clarify Trump's remarks, Mnuchin, who is one of the lead U.S. negotiators in trade talks with Beijing, saidTrump remained resolute in trying to force concessions from China.

 

Another top official said he did not think Beijing would retaliate for the latest increase in tariffs.

 

"I think his was an action to respond to their action. So I doubt whether they're going to take another step," White House economic adviser Larry Kudlow said on CBS' "Face the Nation" program. "We'll have to wait and see."

 

Mnuchin said Trump and Chinese President Xi Jinping were now "enemies" on trade, despite an otherwise good relationship.

 

"President Xi is still his friend," he said. "But as it relates to financial issues and trade, we have become enemies. We're not making progress."

 

(Reporting by Jeff Mason in Biarritz; Additional reporting by David Morgan and Ginger Gibson in Washington; Editing by Toby Chopra, Tim Ahmann and Sonya Hepinstall)

 

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-- © Copyright Reuters 2019-08-26
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More like raised by his own bs he is in a full blown panic about the USA economy he knows it’s the only chance he has to remain potus and out last the statute of limitations on his felonies committed  in office ie campaign finance (stormy Daniel’s)ie obstructing Justice and that’s just for starters

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57 minutes ago, Tug said:

More like raised by his own bs he is in a full blown panic about the USA economy he knows it’s the only chance he has to remain potus and out last the statute of limitations on his felonies committed  in office ie campaign finance (stormy Daniel’s)ie obstructing Justice and that’s just for starters

It will be like this for awhile. Trump will stick with brinkmanship until the fed cuts rates which they are basically going to be forced to do in September. Look for higher numbers than expected over the holidays and that brings us to March and the next earnings reports. 

 

After that there is 6 months left for a "deal" to be struck and the DJIA hits 30,000 just before November.

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13 minutes ago, Cryingdick said:

 

We could even try having an election...

Oh yes we will have an election hopefully not rigged like the last one and btw Donald is running out of tools to keep his economy going I always thought lowering the interest rate was used to stimulate the economy during emergencies so what’s up?i suspect ringing out the last drop eh

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1 hour ago, Tug said:

Oh yes we will have an election hopefully not rigged like the last one and btw Donald is running out of tools to keep his economy going I always thought lowering the interest rate was used to stimulate the economy during emergencies so what’s up?i suspect ringing out the last drop eh

 

Your solution seems to be one liner whining posts which are always first. You do not come off as more intelligent than Trump yet there you are at 5 am with broken grammar to insult the POTUS for things you do routinely yourself.

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5 minutes ago, Cryingdick said:

 

Your solution seems to be one liner whining posts which are always first. You do not come off as more intelligent than Trump yet there you are at 5 am with broken grammar to insult the POTUS for things you do routinely yourself.

5 am, where are you posting from? It is 09.45 now, the website says 'posted 1 hour ago'.

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31 minutes ago, Cryingdick said:

 

Your solution seems to be one liner whining posts which are always first. You do not come off as more intelligent than Trump yet there you are at 5 am with broken grammar to insult the POTUS for things you do routinely yourself.

Ahhh I’m just a regular guy I’m not the guy ruining the country’s reputation and btw kinda sounds to me that’s it’s you that are wining not me lol

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7 hours ago, webfact said:

Mnuchin said Trump and Chinese President Xi Jinping were now "enemies" on trade, despite an otherwise good relationship.

 

"President Xi is still his friend," he said.

 

There are facts... and there are alternative facts!

 

the enemy of my enemy, is my friend.... wait... what? That’s not right... the enemy of my enemy is my enemy.... the trump is screwing everything up everywhere... no cliche is safe

 

7 hours ago, webfact said:

We want them to be in places where they're trading partners that respect us

When is the space force set to colonize Mars, I wonder.

 

 

AE186CAD-E3AE-430F-80C7-8061E11A09BD.jpeg

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4 minutes ago, Paul Henry said:

Trump still does not understand the the US consumers pay these tariffs he is so keen to push and increase.Why doesn't someone in the GOP explain this to him, or are they all to scared to tell him.

Remind me. How many Chinese banks have not been able to publish annual financial reports recently? That would be 19. Some have completely gone belly up like Baoshang Bank. China is having a bad debt crisis, expedited by Trump's no nonsense trade war. When 19 banks are up the creek without a paddle you know it's a real meltdown.

 While people bleat on about orange man bad and propagate fallacies that the American consumer is paying for x,y,z, they totally miss the point. The point the MSM should be concentrating on. China is in deep doodoo. The USA is about to win the trade war. 

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14 minutes ago, TopDeadSenter said:

Remind me. How many Chinese banks have not been able to publish annual financial reports recently? That would be 19. Some have completely gone belly up like Baoshang Bank. China is having a bad debt crisis, expedited by Trump's no nonsense trade war. When 19 banks are up the creek without a paddle you know it's a real meltdown.

 While people bleat on about orange man bad and propagate fallacies that the American consumer is paying for x,y,z, they totally miss the point. The point the MSM should be concentrating on. China is in deep doodoo. The USA is about to win the trade war. 

When you understand, please get back to us. But first read up please, see e.g.  https://www.cnbc.com/2019/06/28/china-banks-face-cash-crunch-fears-after-authorities-seize-baoshang.html

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NORTH DAKOTA FARMER SAYS IF TRUMP 'DOESN'T LOSE 100 PERCENT' OF HIS FARM-BELT SUPPORT OVER TRADE WAR 'PEOPLE ARE KIND OF CRAZY'

 

Donald Trump's trade war with China is hemorrhaging support from his rural base which helped put him into the White House, farmers hit financially by his policies have warned.

 

Last week, the National Farmers Union said that Trump was making things "worse, not better" by escalating tariffs on China, adding in a statement that, ″instead of looking to solve existing problems in our agricultural sector, this administration has just created new ones."

 

The Trump administration is expected to begin paying $14.5 billion to farmers by the end of August to make up for income lost in the trade war.*

 

https://www.newsweek.com/north-dakota-trump-china-trade-war-1456253

 

* Is this the dreaded "Socialism"?

 

 

 

 

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On 8/26/2019 at 7:03 AM, OneMoreFarang said:

Trump does not know what he is doing. And he regular changes his mind from day to day.

It must be a tough job for people to find some logic in a guy who does things without thinking.

well the president knew very well what he did as he emerged as the true new western world leader. his g7 summit success is inceadible

 

1. forces china to bow to return to the nego table

2. mega deal with japan

3. digital tax issue with france solved

 

trump goes to summits to make deals whereas obama made selfies and blah, blah

trump takes on china whereas gaffe and blunder dem star  biden and obama achieved 0 in 8 years of their damaging ruling.

 

wbr

roobaa01

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On 8/27/2019 at 8:15 AM, TopDeadSenter said:

Remind me. How many Chinese banks have not been able to publish annual financial reports recently? That would be 19. Some have completely gone belly up like Baoshang Bank. China is having a bad debt crisis, expedited by Trump's no nonsense trade war. When 19 banks are up the creek without a paddle you know it's a real meltdown.

 While people bleat on about orange man bad and propagate fallacies that the American consumer is paying for x,y,z, they totally miss the point. The point the MSM should be concentrating on. China is in deep doodoo. The USA is about to win the trade war. 

So you assert that it's a fallacy that American consumers are paying for the tariffs? Who is paying for the tariffs?

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32 minutes ago, roobaa01 said:

well the president knew very well what he did as he emerged as the true new western world leader. his g7 summit success is inceadible

 

1. forces china to bow to return to the nego table

2. mega deal with japan

3. digital tax issue with france solved

 

trump goes to summits to make deals whereas obama made selfies and blah, blah

trump takes on china whereas gaffe and blunder dem star  biden and obama achieved 0 in 8 years of their damaging ruling.

 

wbr

roobaa01

You still believe Trump? Any indication that the Chinese are being forced to return to the negotiating table? Other than Trump's assertion?  No one but Trump seems to know that. Not even other members of his administration.

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41 minutes ago, roobaa01 said:

1. forces china to bow to return to the nego table

2. mega deal with japan

3. digital tax issue with france solved

 

Where do you get your information?

 

1.) No clue what you're on about here? Maybe offer some source, (Rush Limbaugh? The Daily Stoner?).

 

2.) "But while American pork producers say they're happy about the deal, which is still being finalized, it only gives them the same level of access to the Japanese market as they would have gotten if Trump had never pulled out of the Obama-era Trans-Pacific Partnership in the first place."

 

Farmers applaud Trump's Japan deal, but it's no better than Obama's TPP

 

https://edition.cnn.com/2019/08/27/politics/farmers-trump-japan-trade-deal/index.html

 

3.) US tech industry group denounces Trump deal on France digital tax

 

A US trade group representing major technology firms on Tuesday denounced an agreement on France’s digital tax announced by Presidents Donald Trump and Emmanuel Macron that leaves the levy in place until a new international taxation plan takes effect.

 

https://www.rawstory.com/2019/08/us-tech-industry-group-denounces-trump-deal-on-france-digital-tax/

 

 

"I'm like a really smart guy."

 

 

 

 

 

 

 

 

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