Trump: US no longer world’s ‘piggy bank’
President Trump on Tuesday reiterated the administration’s aggressive policy toward China’s trade practices.
“We are the piggy bank that everybody likes to take advantage of or take from. And we can't let that happen anymore,” Trump remarked before his Marine One departure to Louisiana.
The trade war between the world's two largest economies intensified on Monday with Beijing saying it would impose new retaliatory tariffs on nearly $60 billion worth of U.S. goods on June 1. This follows Trump's latest tariff slam against China rolled out last Friday.
Trump characterized the current tit-for-tat tariff swipe as a “little squabble with China” and he is hopeful the strength in the U.S. economy puts America in a stronger trade position after being treated unfairly for decades by China.
“We've been losing, for many years, anywhere from $300 billion to $500 billion a year with China and trade with China, We can't let that happen,” he said.
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Trump is expected to meet with Chinese President Xi Jinping next month at the G-20 summit in Japan.