President Donald Trump on Friday, Aug. 23, asserted his measures are going to win China after Beijing has been hitting the U.S. economy for long time.
“We’re having a little spat with China, and we’ll win it. We put a lot of tariffs on China today, as you know. They put some on us; we put a lot on them. We’re up to about $550 billion,” Trump told reporters before leaving for G-7 summit in France.
He added, “They’ve been hitting us for many, many years—for over $500 billion a year—taking out of our country much more than $500 billion a year. So, we want that stopped.”
The president defended ordering companies to leave China. Trump on Friday morning tweeted that he “hereby ordered” U.S. companies to seek alternatives to doing business in China.
“In 1977, we had an act passed—a National Emergency Act. I have the absolute right to do that. We’ll see how that goes. But I have the absolute right. 1977—check it out,” Trump answered reporters.
The president also tweeted again, saying that those who “don’t have a clue” about presidential powers should look at the Emergency Economic Powers Act of 1977. He added, “Case closed!”
For all of the Fake News Reporters that don’t have a clue as to what the law is relative to Presidential powers, China, etc., try looking at the Emergency Economic Powers Act of 1977. Case closed!
— Donald J. Trump (@realDonaldTrump) August 24, 2019
Earlier Friday, the president said he “hereby ordered” U.S. companies to seek alternatives to doing business in China.
“Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing … your companies HOME and making your products in the USA,” Trump tweeted.
President Trump continued his trade fight with China on Aug. 23, raising retaliatory tariffs and ordering American companies to consider alternatives to doing business there.
“Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” Trump tweeted. “Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%.”
Trump’s move came after Beijing announced Friday morning that it had raised taxes on $75 billion of U.S. goods. The Chinese said tariffs of 25% and 5% would be imposed on U.S.-made autos and auto parts on Dec. 15.
The president emphasized, “Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight,” and “I can no longer allow this to happen!”
Speaking with reporters before Marine One departure on Friday, Aug. 23, President Trump repeated:
“China has been hurting our country for 30 years with the money they’ve been taking out. Other Presidents should’ve done something about it, and they should’ve done it a long time ago, whether it was Clinton or Bush or Obama—any of them. They should’ve done something about it. And they didn’t. I’m doing it. And I have no choice, because we’re not going to lose close to a trillion dollars a year to China. And China understands that.”