US President Donald Trump has defended his tariff policy and blamed China for breaking the trade deal, asserting that the negotiations are “right where we want to be” as the world’s two largest economies remain locked in a bruising trade war after the latest round of talks ended without an agreement.
After the near collapse of trade talks with China last week, Trump on Friday imposed punitive duties on USD 200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent, and asked for a similar increase on tariff on the rest of the Chinese import of over USD 300 billion.
In a series of tweets, Trump on Sunday indicated toughening of his stand against China.
“We are right where we want to be with China. Remember, they broke the deal with us and tried to renegotiate,” Trump said, justifying his decision to impose a hefty tax on Chinese products, including fish, handbags, clothing and footwear.
The new taxes would result in hefty revenue to the US, he said.
“We will be taking in tens of billions of dollars in tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-tariffed countries…,” he said.
“We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total tariffs received, and distribute the food to starving people in nations around the world! GREAT! #MAGA,” Trump said.
The US President later asserted that China’s sudden change in policy was mainly because it thought that leaders from the opposition Democratic Party would be able to replace him in the White House after the 2020 presidential elections.
By doing so, China was dreaming, he said.