Breaking News
0

Trump regrets not raising tariffs on China higher, White House says

EconomyAug 25, 2019 02:23PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

By Jeff Mason

BIARRITZ, France (Reuters) - President Donald Trump wishes he had raised tariffs on Chinese goods even higher last week, the White House said on Sunday, even as Trump signaled he did not plan to follow through with a demand that U.S. firms find ways to close operations in China.

Trump raised eyebrows on the sidelines of a G7 summit when he responded in the affirmative to questions from reporters on whether he had any second thoughts about raising tariffs on Chinese goods by 5%.

"President Trump responded in the affirmative - because he regrets not raising the tariffs higher," White House spokeswoman Stephanie Grisham said in a statement afterward that sought to clarify the president's remarks.

Trump announced the additional duty on some $550 billion in targeted Chinese goods on Friday, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods.

The move was the latest round in a tit-for-tat trade war between the world's two largest economies that has damaged global growth, upset allies, and raised market fears that the world economy will tip into a recession.

It came just hours after Trump said he was ordering U.S. companies to find "alternatives" to China, including closing operations there and moving production to the United States.

U.S. Treasury Secretary Steven Mnuchin said Trump could order companies out of China under the International Emergency Economic Powers Act if he declared a national emergency.

Trump indicated on Sunday that he was not planning such a step at this time, however.

"I could declare a national emergency. I think when they steal and take out, and -- intellectual property theft, anywhere from $300 billion to $500 billion a year, and where we have a total loss of almost a trillion dollars a year ... in many ways, that's an emergency," he said.

"I have no plan right now. Actually, we're getting along very well with China right now. We're talking," Trump said.

Mnuchin said the president did want U.S. businesses to start looking to shift investments away from China, saying they would be better off in the event the U.S.-China trade war lasted for a long time.

"We want them to be in places where they're trading partners that respect us and trade with us fairly," he said on the "Fox News Sunday" program.

'SECOND THOUGHTS ABOUT EVERYTHING'

During his meeting with Johnson on Sunday in France, Trump was asked if he had second thoughts about his latest escalation.

"Yeah, sure. Why not?" he said.

The reporter repeated the question and Trump replied: "Might as well. Might as well."

A second reporter followed up again, asking if he had second thoughts about escalating the trade war with China.

"I have second thoughts about everything," Trump responded.

Asked to clarify Trump's remarks, Mnuchin, who is one of the lead U.S. negotiators in trade talks with Beijing, said Trump remained resolute in trying to force concessions from China.

Another top official said he did not think Beijing would retaliate for the latest increase in tariffs.

"I think his was an action to respond to their action. So I doubt whether they're going to take another step," White House economic adviser Larry Kudlow said on CBS' "Face the Nation" program. "We'll have to wait and see."

Mnuchin said Trump and Chinese President Xi Jinping were now "enemies" on trade, despite an otherwise good relationship.

"President Xi is still his friend," he said. "But as it relates to financial issues and trade, we have become enemies. We're not making progress."

Trump regrets not raising tariffs on China higher, White House says
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Hiren Patel
GarasondiaHiren Aug 26, 2019 4:00AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Sell Gold CMP $1540 and wait TGT 1450 in few days
Hank Williams
Hank Williams Aug 26, 2019 2:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So he is the best Republican the democrats could have wished for.
Froy gonzo
Froy gonzo Aug 26, 2019 12:49AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump planning something, he either wants a recession, an then he will make a sudden deal, or he wants out, but he has lost it, manipulating the market, he has very little cash in markets, he is making money for his inner circle
Kenzo Kobayashi
Kenzo Kobayashi Aug 25, 2019 10:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
While people here are talking about a recession, experts say we won't have any and econony of the US is doing great. Can't you see that the left wing media is making is sound worse than it should. How many times have they scared the public about an upcoming reccession? MANY.
Jeff Chevalier
Jeff Chevalier Aug 25, 2019 10:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It's already started, but nice try.
François Du
François Du Aug 25, 2019 10:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If china is cornered , there will be horrible consequenses
Erski Gumby
SB20 Aug 25, 2019 10:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What do you mean?
Rob Fordham
Rob Fordham Aug 25, 2019 10:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I regret he is our president
Derek Clow
Derek Clow Aug 25, 2019 10:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Maybe you’d be happier in communist China
Froy gonzo
Froy gonzo Aug 25, 2019 10:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
most trump supports by walmart, china goods, they are the ones who will soon cry
ADAM AND EVA
ADAMANDEVA Aug 25, 2019 9:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
No one can predict a recession... except me :)
Hank Williams
Hank Williams Aug 25, 2019 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Would like for one of the smart Republicans explain why for the past forty to fifty years the Republican agenda was moving production overseas in order to lower cost and price. So are the Republicans so poor at developing a big picture that they just can't handle economics. OMG!
Show previous replies (4)
Elephan Mann
Elephan Mann Aug 25, 2019 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Obama pushed them overseas with his high corporate tax rate and strangling regulations.
Erski Gumby
SB20 Aug 25, 2019 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Suman JuturThank you for your suggestion. Perhaps i do need to get educated first.
Erski Gumby
SB20 Aug 25, 2019 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
alvlajThanks for your insight but wouldn’t the democrats love him if he’s behaving like a socialist?
Al Vlaj
alvlaj Aug 25, 2019 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
SB20Great question. The issue they have is not with his economic spending or redistibution of wealth though attempted govenment control of business (ordering US business to do things, etc). It is with his racist rhetoric and divisiveness. There is an ammoral element to neaely everything he is doing and his criticisms of Muslims, his treatment of Hispanic and other minorities and his embracing of our enemies (Putin, NK, etc) are what he is most criticized for. Remember that even fascists can be socialists.
Al Vlaj
alvlaj Aug 25, 2019 8:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
SB20even a fascist can be a socialist. That doesnt mean he will be embracesd.
Brad Dover
Brad Dover Aug 25, 2019 8:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
NICE.look at the futures markets tonight
Joshua Thompson
Joshua Thompson Aug 25, 2019 8:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it's looking good for anyone holding sqqq ;)
Van Doza
Van Doza Aug 25, 2019 8:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gosh...I just hope that all that red doesn't mean that some powerful Communist state actor has stuxneted the robo algos....
Erski Gumby
SB20 Aug 25, 2019 8:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
HK Tea
HK Tea Aug 25, 2019 8:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How come a crazy guy can became a president
Ray LeBeau
Ray LeBeau Aug 25, 2019 8:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Kept out Hillary that was certifiably nuts.
Michael Bender
Michael Bender Aug 25, 2019 8:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
... Hillary was correct. You are definitely deplorable.
Joshua Thompson
Joshua Thompson Aug 25, 2019 8:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
study game theory and sapolsky.
Van Doza
Van Doza Aug 25, 2019 8:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hey! If a non-citizen can become president, anything goes!
Michael Angelo
Michael Angelo Aug 25, 2019 7:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Black Monday?
Joshua Thompson
Joshua Thompson Aug 25, 2019 7:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I hope so
Froy gonzo
Froy gonzo Aug 25, 2019 7:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dow will be down 1200 points !!! Monday, remove his tweeter account
Mart Bab
Rubberduck1973 Aug 25, 2019 6:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
USA does’nt care about the rest of the world. Its a fact
Dutch East
Dutch East Aug 25, 2019 5:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump dumpy wanted a wall but all Trump dumpy and the USA is go on a get is a big Trump inflicted economic fall. As a private individual, how many times did Donald enter the bankruptcy courts?
Lo Ace
Lo Ace Aug 25, 2019 5:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
None!!! Just his corporations
Klaus Weyers
Klaus Weyers Aug 25, 2019 5:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
market might open higher on Iran optimism, but I will add to my shorts on every rally.. SP will drop to 2600 and maybe even 2000
Michael Hartmann
Michael Hartmann Aug 25, 2019 5:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
love l Klaus. Have another beer.
Tumelo Mash
Tumelo Mash Aug 25, 2019 5:11PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ohh My God the market gaps in safe havens
Noah Wright
Noah Wright Aug 25, 2019 4:31PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
why is everyone so against this?!? let's pretend you have invented this wonderful idea, but your next door neighbor says, "build it in my garage I can build it cheaper" and while you're building it in his garage you see him off in the corner making his own version of your idea and undercutting you. wouldn't you be *******ed off??? this is what China does, stealing US technology and trade secrets and using it for there own gain.
Tumelo Mash
Tumelo Mash Aug 25, 2019 3:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gold goes up bro very aggressively tomorrow
Vikas Agrawal
Vikas Agrawal Aug 25, 2019 2:30PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Next morning 1548-1560
Vikas Agrawal
Vikas Agrawal Aug 25, 2019 2:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ready for boom
Dave crys
Dave crys Aug 25, 2019 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump is already running a trillion dollar deficit and QE hasn't started. U.S. dollar and debt is f'd this recession. I trust China's ability to manage the economy more.
Show previous replies (2)
Andrew Hook
Andrew Hook Aug 25, 2019 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
And 600$ on their bank account will let like ice under the sun. For the farmers I won't cry for.them they vote for Trump now.they pay the price.
Dutch East
Dutch East Aug 25, 2019 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Real history....British ruled Hong Kong for about 150 years...all those years, all that time yet the British never set up a democracy in Hong Kong.The British did not allow the local people a political voice.
Joshua Thompson
Joshua Thompson Aug 25, 2019 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
all the average person has to do is buy silver and bTC with that 600$
Jeff Chevalier
Jeff Chevalier Aug 25, 2019 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Massive debt? I believe the US is 23 TRILLION in the hole.
Mart Bab
Rubberduck1973 Aug 25, 2019 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Joshua Thompson  but the lot of then don’t know what a broker is
Tumelo Mash
Tumelo Mash Aug 25, 2019 1:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I am patiently waiting to see what Tranos (Trump) is gonna tweet during the NYSE session tomorrow... He is even predictable nowadays even Iron man(China) is telling him to think before he snaps his fingers.... One day he will snap his fingers and then nothing happens... Iron is gonna be like i told you... Now watch me do it. Then Tranos vanished no more president of USA... Then no president will mess with Iron Man.. In the future
John Niemokta
John Niemokta Aug 25, 2019 1:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lame
Dietmar Stahl
Dietmar Stahl Aug 25, 2019 1:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
New trend is now Chinese Companies like Greenbaum or Oceanwide creating US entities and building luxury highrise buildings in US and charging US renters $3000-$10000 in rent.
Glen Rautio
GlentheTaper Aug 25, 2019 1:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I will never pity those who cannot prosper or at least adapt to change.
David Wong
David Wong Aug 25, 2019 12:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I told you guys ... Chairman Trump is going to reck the world's economies.
Glen Rautio
GlentheTaper Aug 25, 2019 12:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes, because communism and socialism cannot survive without the support of capitalism. Good luck!
David Wong
David Wong Aug 25, 2019 12:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
That is why China is Socialist with chinese characteristics.
Jo Riley
Jo Riley Aug 25, 2019 12:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
David Wong lol  China is controlled by a small group of elite period.  They are paranoid about losing control.  The people in Hong Kong understand now what life will be like under China's elite.
Delonte Crosby
Delonte Crosby Aug 25, 2019 12:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The market has not been right since early August
Duane Lee
Duane Lee Aug 25, 2019 12:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This market has not been right since December 26.
Vincent Sheu
ShaneS Aug 25, 2019 12:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Duane Lee This market has not been right since Trump started trade war in March 2018.
Show more comments
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email