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Trump Scolds Chinese President for Backing Out of Deal, Says China Will Be ‘Hurt Very Badly’

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President Donald Trump warned China if it retaliates against the United States for increasing its tariffs to 25 percent on certain Chinese imports, the consequences “will only get worse” for the Asian giant.

Trump tweeted on Monday, “China has taken so advantage of the U.S. for so many years, that they are way ahead (Our Presidents did not do the job). Therefore, China should not retaliate-will only get worse!”

The president also sought to reassure Americans they will not be too impacted by the new tariffs.

Trump tweeted, “There is no reason for the U.S. Consumer to pay the Tariffs, which take effect on China today. This has been proven recently when only 4 points were paid by the U.S., 21 points by China because China subsidizes product to such a large degree.”

He continued, “Also, the Tariffs can be completely avoided if you buy from a non-Tariffed Country, or you buy the product inside the USA (the best idea). That’s Zero Tariffs. Many Tariffed companies will be leaving China for Vietnam and other such countries in Asia. That’s why China wants to make a deal so badly!”

Additionally, Trump directly addressed Chinese President Xi Jinping, writing in a Monday morning tweet, “I say openly to President Xi & all of my many friends in China that China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries. Too expensive to buy in China. You had a great deal, almost completed, & you backed out!”

Is this fight with China worth it for the U.S. economy?

The Dow Jones Industrial Average dropped over 600 points as of midday on Monday after China said it planned to increase duties on $60 billion in goods it imports from the U.S., USA Today reported.

That move came after the U.S. increased tariffs from 10 to 25 percent on $200 billion in Chinese products.

White House top economic adviser Larry Kudlow characterized the U.S. tariffs on “Fox News Sunday” as part of ongoing negotiations with Beijing.

Host Chris Wallace asked Kudlow how long the president is prepared to wage the “trade war” with China.

Kudlow responded, “Can I substitute trade negotiation for trade war? After all, we’re talking we will talk some more.”

“It is a negotiation and part of the negotiation is taking action,” he explained. “One of the things I’ve learned under President Trump is that tariffs are part of negotiations, and they show that we do mean business and will take action.”

Wallace pointed out just a few weeks ago the White House adviser had described the negotiations as being on the “five yard line” looking in the end zone of a done deal.

Kudlow noted that he had also made clear the last five yards can be the hardest.

“You can’t forget this. This is a huge deal,” he said. “The broadest scope and scale anything the two countries have had before.”

“For many years, China trade was unfair, non-reciprocal, unbalanced, in many cases unlawful, and so we have to correct those,” Kudlow stated.

Kudlow said he expects the president will have the opportunity to speak directly with Xi at the G-20 Summit in Japan at the end of next month.

Market Watch reported that the U.S. imported a record $539 billion in goods from China in 2018, while exporting $120.3 billion to the world’s most populous country.

The top imports included computers, electronics, clothing and furniture.

The top exports to China were transportation equipment, including Boeing aircraft, machinery — such as earth movers from Caterpillar and John Deere farm equipment — as well as electronics such as iPhones and other Apple devices.

Americans also exported $5.9 billion in crops to the Asian nation in 2018. That was down from $15.9 billion in 2017, according to Market Watch.

On Saturday, Trump also warned China against trying to wait him out in hopes that a Democratic president will assume office in January 2021.

“I think that China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win – in which case they would continue to rip-off the USA for $500 Billion a year,” Trump wrote.

“The only problem is that they know I am going to win (best economy & employment numbers in U.S. history, & much more), and the deal will become far worse for them if it has to be negotiated in my second term,” he added. “Would be wise for them to act now, but love collecting BIG TARIFFS!”

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