President Trump vowed Wednesday to “impose deep tariffs” on U.S. companies that ship production overseas, thereby killing domestic jobs.
“We’ll impose deep tariffs on any company that leaves,” he said while addressing the Economic Club of New York virtually from the White House.
“They want to leave. They want to make our products then sell them back to us after firing everybody. Not going to happen. They will be tariffed,” he said.
Tariffs have been a part of Trump’s arsenal since becoming president.
Earlier in his administration, he imposed tariffs on solar panels, washing machines, steel, and aluminum imported into the United States.
Countries like China, India, and even Canada responded with retaliatory tariffs on goods coming from the U.S.
The tariff wars have so far increased the cost of products purchased in the U.S. by $80 billion, according to the Tax Foundation, an independent tax policy think tank.
Last month, 3,500 U.S. firms brought suit in the U.S. Court of International Trade, calling for an end to the Trump administration’s major tariffs on U.S. imports from China. The petitioners argue that the administration failed to justify the imposition of taxes (tariffs) based on China’s abuse of U.S. intellectual property rights.
