Donald Trump says tough trade stance, tariffs working
President Trump on Wednesday said his aggressive trade agenda and use of tariffs were succeeding, including boosting steel industry and filing U.S. coffers.
He said money was pouring into U.S. treasury form the tariffs, including tariffs that took effect Monday on $200 billion of Chinese goods.
“It’s had absolutely, by the way, no impact on our economy. I said it wouldn’t,” Mr. Trump said at a press conference in New York.
It was a jab at most economists who predicted tariffs would cause the U.S. to suffer higher prices for consumer goods and lost jobs.
Mr. Trump said the 25 percent tariff on steel had succeeded in boosting the U.S. steel industry.
“It’s very exciting to me. Steel is being rebuilt overnight,” he said.
In New York for the United Nations General Assembly meeting, Mr. Trump inked a new trade deal with South Korea and made an agreement to redo a trade pact with Japan.
The Trump administration also has struck a deal with Mexico for a new two-way NAFTA, and talks are underway with Canada to get them into the deal.
The president has used tariffs to try to force China to negotiate a trade deal, but so far Beijing instead escalated a trade war.
“I have a great relationship with the [President Xi Jinping of China] but it has to be a two-way street,” he said. “Have to make it fair.”