Trump on China: 'They are paying us tens of billions'
President Trump remains bullish on his tough trade strategy with China.
The president on Saturday tweeted things are going well for the U.S. not so much for the Chinese. “They are paying us Tens of Billions of Dollars, made possible by their monetary devaluations and pumping massive amounts of cash to keep their system going,” Trump wrote. “So far our consumer is paying nothing – and no inflation.”
Trump on Thursday said he will impose 10% tariffs Sept. 1 on the remaining $300 billion in Chinese imports he hasn’t already taxed. The new tariffs would cover a range of consumer products including cellphones.
Trump’s previous tariffs centered on industrial goods, which minimized the impact on ordinary Americans.
The president acted as U.S. and Chinese negotiators ended the 12th round of trade talks, which the White House had said were “constructive.” Talks are scheduled to resume in September.
The new tariff slam came one day after the Federal Reserve cut interest rates for the first time in a decade. Even so, Trump was not satisfied.
Tweeting that the U.S. is getting “No help from Fed!”
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“There isn’t a lot of experience in responding to global trade tensions. So it is something that we haven’t faced before and that we are learning by doing,” said Fed Chairman Jerome Powell.
Trump has demanded the Fed slash rates to try to boost the economy and the stock market even as the U.S. economy remains reasonably strong.