Trump defends latest tariff hike on China, says it 'will bring in far more wealth to US'

WION Web Team New Delhi, Delhi, India May 10, 2019, 05.00 PM(IST)

File photo of US President Donald Trump. Photograph:( Reuters )

Story highlights

In a series of tweets, Trump stated that the United States will continue to negotiate with China in the 'in the hopes that they do not again try to redo deal!'

US President Donald Trump on Friday said that the tariffs on Chinese goods will bring more wealth to America "that even a phenomenal deal of the traditional kind". "We have lost 500 billion dollars a year, for many years, on Crazy Trade with China. NO MORE!," his tweet read. 

In a series of tweets, Trump stated that the United States will continue to negotiate with China "in the hopes that they do not again try to redo deal!"

He also said that talks with China continue in a very "congenial manner" and that "there is absolutely no need to rush".

"Tariffs are NOW being paid to the United States by China of 25% on 250 billion dollars worth of goods and products. These massive payments go directly to the Treasury of the US," he tweeted. 

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"Also, much easier and quicker to do. Our farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!" Trump stated. 

"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!" he tweeted out. 

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"The process has begun to place additional tariffs at 25% on the remaining 325 billion dollars. The US only sells China approximately 100 billion dollars of goods and products, a very big imbalance. With the over 100 billion dollars in tariffs that we take in, we will buy," the US president tweeted out. 

Trump's tweets come as new US tariffs on $200 billion worth of Chinese goods kicked in on Friday

China's commerce ministry deeply regretted the move and vowed to take "necessary countermeasures".

The Chinese commerce ministry, however, did not elaborate on the "countermeasures". US and Chinese officials completed their talks on the first day when the two sides met in Washington on Thursday.

The US and  Chinese officials met again on Friday for the second day of talks to resolve the trade dispute.

China's top trade negotiator Liu He said that an increase in US tariffs on Chinese goods "won't solve anything".