Trump: ‘Trade wars are good’ since US is losing billions from trade with other countries

“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” Trump tweeted. “Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”

The tweet follows Trump’s Thursday announcement that he will impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports as early as next week.

Even though he did not specify which countries the tariff would apply to, the plan worried investors, who fear retaliation from China and other major U.S. trade partners.

The Dow Jones Industrial average fell 586 points at one point after the announcement, the S&P 500 and Nasdaq also both dropped 1.3 percent.

Boeing, Caterpillar, and United Technologies were the three major companies that contributed to the slip in the stock market because they heavily rely on metals to build products from commercial and military aircraft to construction equipment and jet engines.

In a second tweet on Friday, Trump doubled down that the U.S., “steel industry is in bad shape,” and insinuated that he was protecting the country and its workers with his new tariff announcement.

“IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!” Trump said in his tweet.