Undeterred by Tuesday’s volatile stock market, President Donald Trump doubled down on his threat to impose additional tariffs against China if the sides do not reach a trade pact.
“We are either going to have a REAL DEAL with China, or no deal at all – at which point we will be charging major Tariffs against Chinese product being shipped into the United States,” Trump tweeted Tuesday afternoon.
“Ultimately, I believe, we will be making a deal – either now or into the future.”
“China does not want Tariffs!” he concluded.
Earlier, Trump had declared he was a “Tariff Man,” warning of the consequences if China and the United States cannot come to an agreement.
“President Xi [Jinping] and I want this deal to happen, and it probably will,” he tweeted. “But if not remember, I am a Tariff Man.
“When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so, he added. “It will always be the best way to max out our economic power.”
The threat rattled the stock market, with the Dow Jones Industrial Average closing down nearly 800 points and the S&P 500 dropped more than 3 percent on the day.
It was a stark shift from Trump’s touting a truce reached during a meeting with Chinese President Xi Jinping at the G-20 Summit, where the sides agreed to hold off on further tariff increases amid ongoing trade talks.
The White House said China also said it would start purchasing agricultural products.
The Trump administration has leveled billions of dollars in tariffs on Chinese goods; Beijing has responded with billions in retaliatory duties on U.S. products.
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