Trump defends tariff threat against Mexico, calls it 'beautiful thing'

Share

When asked whether US actions against Huawei could set the USA back on 5G, Trump said "No".

"If we do, that's fine and if we don't, that's fine", Trump said.

"They are actually attacking our companies, but we should be doing what they are doing", Trump said.

The two biggest economies in the world seemed to be close to striking a bargain until talks stalled last month.

President Trump is defending his right to issue trade tariffs by saying it is an effective way to level the economic playing field.

China's foreign ministry said on Monday that China is open to more trade talks with Washington but has nothing to announce about a possible meeting.

The United States is seeking sweeping changes, including an end to forced technology transfers and theft of US trade secrets. "But if it insists on escalating trade frictions, we will respond to it with resolution and perseverance". "He's very strong, very smart, but he's for China and I'm for the United States". The two countries reached an agreement calling for tighter migration controls.

"If we didn't have [the threat of] tariffs, we wouldn't have made a deal with Mexico", Trump said. China very much wants to make a deal.

Trump also complained that even though he selected four of the Fed's five board members, including elevating Jerome Powell to chairman, "We have people on the Fed that really weren't, you know, they're not my people". Companies are leaving China (because) they don't want to pay the tariffs. "And China will, in my opinion, based on a lot of facts and a lot knowledge, China's going to make a deal because they're going to have to make a deal".

President Trump said Monday that the Federal Reserve's policies have been "very destructive" to the USA, complaining that Chinese President Xi Jinping's control of the country's central bank gives that country an unfair advantage. And we're going to be a great partner to Mexico now. "China wanted to go backwards on certain things".

He continued: "Without tariffs, we would absolutely be at a competitive disadvantage to the likes of which we've never seen".

Rep. Fred Upton (R-Mich.) gives his take on President Trump's new immigration deal with Mexico and the U.S.

"Global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020", the finance chiefs, including Mnuchin, said in an end-of-meeting communique.

On Sunday, International Monetary Fund Managing Director Christine Lagarde said resolving the current trade tensions should be the top priority for G20 economies.

And, since the European Union is positioning for billions in fees and penalties with the tech companies, President Trump concluded that the US should get in on that, too.

The United States has also warned its allies against the alleged risk in buying Huawei technology.

The Trump administration has largely sought to shield major consumer products like electronics and other goods from the tariffs but that will change if Trump follows through on his threat to penalize an additional $300 billion in goods, something he said would happen if Xi doesn't cut a deal with him soon.

Share