Donald Trump, the president of the United States, defended his decision to increase China’s tariffs to 12 % on Wednesday ( local time ), saying that” someone had to do it.”
The President made the point that no other US head may have taken such a strong stance at his White House meeting with Roger Penske’s NASCAR, INDY, and IMSA champions because China’s past trade imbalance was “unsustainable.”
He made the point that, prior to his intense price plan, China had “reversed” trade with the US by making USD 1 trillion in the previous year.
” Well, I believed that some people were wildly off the mark. No additional President would have done what I did, so it was necessary for someone else to do it. Because it’s not responsible, it had to quit. China cut USD 1 trillion off commerce with the United States last year, according to Trump, and then I’ve reversed that trend.
President Trump remarked about the 90-day wait on bilateral taxes to over 75 nations, saying,” I did a 90-day wait for the folks who didn’t fight because I told them if they retaliate, we’re going to increase it. And that’s what I did with China because they retaliated.
He expressed confidence that the US’ trade situation may “work out incredibly” for the long term, adding that the nation would have reached a consensus by the end of the year, or perhaps earlier, that “nobody would have dreamed possible.”
The President claimed that the European Union ( EU) had not treated the United States fairly and that the EU had also made an argument about trade.
” People will make a deal, and they will be good deals,” he said. They didn’t treat the United States fairly. Trump said, expressing his desire to reach better conditions with the EU, not because they were sucking us dried, and you can’t accomplish that.
President Trump also praised the racing champions for their” courage” during a celebration of Roger Penske, the owner of championship racing ,’s career and life in a lighter moment during his remarks. He blasted the higher speeds of the NASCAR vehicles, saying,” These are great warriors, and this is a great activity.”
Trump also recalled an experience when he rode in” The Beast,” the US President’s armored limousine, around the track before the Daytona 500, and described the crowd’s “going crazy” from inside the vehicle.
He continued,” I wouldn’t ride in that thing if you paid me,” making fun of the IndyCar machine.
Prior to that, President Trump made an immediate increase in taxes on China to 125 per cent and announcing that he had authorized a 90-day “pause” and a significantly lower bilateral tax for 75 nations that have called Representatives of the United States for trade deals.
This came after China announced that it would start imposing tariffs on US items on April 10 with a hostile move, according to Al Jazeera.
Following President Trump’s danger of “additional 50 per cent levies” on Beijing starting on Wednesday, the US increased its tariffs to a staggering 104 per cent.
After Beijing imposed a 34 % tax on the United States in a tongue-for-tat response, Trump had already instituted an additional 50 % tariff on China.
