President Donald Trump on Wednesday vowed to impose additional tariffs on China if a trade deal is not reached.
“When tariffs go on in China we are taking in billions and billions of dollars — we never took in 10 cents — now you have another $325 billion that I haven’t taxed yet — it’s ripe for taxing — for putting tariffs on,” he said during an exclusive interview with FOX Business’ Maria Bartiromo.
Trump is expected to meet with Chinese President Xi Jinping on Saturday to discuss trade between the world’s two largest economies. The result could have implications for the markets and the global economy.
“This never happened to China. Now what is happening is people are moving out of China. Companies are moving out of China, by the way, some are coming back to the United States because they don’t want to pay the tariff, etc., etc. But it’s been an incredible thing. Am I happy now? Absolutely. Now I would do additional tariffs by very substantial additional tariffs if that doesn’t work if we don’t make a deal,” he explained.
Although it’s “possible” to reach a good deal, Trump said his “plan B” may include a 10 percent tariff on the remaining “$600 billion” worth of goods.
“So we have much more than $300 billion worth of products,” he said. “Now what’s going to happen … all of those companies will move out of China – most of them—and they’ll move to other places like Vietnam and other places that take advantage of us, and we’ll start working on that too … I don’t want to do too many at one time.”