“We’ll see, but I am very happy with over $100 Billion a year in Tariffs filling U.S. coffers…great for U.S., not good for China!” the president wrote in a tweet.
Dow futures pared losses on the tweet, just one day after a market sell-off that was triggered by earlier tweets from the president concerning the pace of U.S.-China trade negotiations
Although the Chinese were set to bring a 100-person delegation to the U.S. this week, the trade talks were thrown in limbo after Trump threatened on Sunday to slap an additional 25 percent tariff on $325 billion worth of Chinese goods.
The U.S. already imposes a 10 percent tariff — which is set to rise to 25 percent on Friday, Trump said in a tweet — on $200 billion of goods and a 25 percent tariff on $50 billion of tech products.
Trump, however, said on Wednesday that real reason for the pullback was hope among the Chinese that they could hold off on negotiations on the chance that a Democrat wins the 2020 presidential election).
White House officials have stressed that both sides are eager to wrap up talks; last week, Treasury Secretary Steven Mnuchin told FOX Business that although they still had “more work to do,” enforcement mechanisms were “close to done.”
“If we get to a completed agreement it will have real enforcement provisions,” he said at the time.