President Trump suggested that tariffs on Chinese goods could go toward humanitarian aid and funding a new infrastructure proposal after he more than doubled existing tariffs on $250 billion worth of Chinese goods.
The tariffs were increased to 25% Friday, whereas most had previously been set at 10%. The White House also decided to start the process of implementing a 25% on an additional $325 billion worth of goods.
“The U.S. only sells China approximately 100 Billion Dollars of goods & products, a very big imbalance,” Trump tweeted Friday morning. “With the over 100 Billion Dollars in Tariffs that we take in, we will buy………agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance.”
….agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance. In the meantime we will continue to negotiate with China in the hopes that they do not again try to redo deal!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
Trump, who noted that the “massive payments” go toward the U.S. Treasury, also suggested the tariffs would new infrastructure or healthcare.
“If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else,” Trump tweeted Friday morning. “China would greatly slow down, and we would automatically speed up!”
….If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else. China would greatly slow down, and we would automatically speed up!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
The announcement came as U.S. and Chinese negotiators were slated to meet for the second day in Washington, D.C., and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will meet with China’s Vice Premier Liu He on Friday morning.
Trump said he is optimistic that a trade deal could be arranged with China, but argued that tariffs will bring in “FAR MORE” wealth than a deal would.
[Related: Chinese trade retaliation likely to involve more than tariffs]
