Donald Trump cheers nixed Ford-China deal, says tariffs working
President Trump on Sunday heralded a CNBC report about Ford Motor Company abruptly killing a plan to sell a Chinese-made small vehicle in the U.S. as evidence his tariff war was working.
“This is just the beginning. This car can now be BUILT IN THE U.S.A. and Ford will pay no tariffs!” tweeted Mr. Trump.
The president is poised to slap tariffs on $267 worth of Chinese goods, bringing the total level of tariffs to more than $500 billion.
Mr. Trump said Friday that the new tariffs are “ready to go.”
China threatened to retaliate if the Trump administration goes forward with the new 25 percent tariffs.
The two countries have already engaged in a tit-for-tat tariff feud on about $50 billion of each countries’ exports.
The Trump administration is using the tariffs to force China to abandon unfair trade practices and the theft of American intellectual property. But China hasn’t budged.
The escalating trade war between the world’s two largest economies rattled investors and business leaders.
Ford executives said killing plans to sell the Chinese-made Focus Active will cost jobs and hurt the company’s sales.