U.S. President Trump asserts that imposed tariffs are encouraging domestic investment, allegedly harming China
President Donald J. Trump addresses US tariffs on China and their consequences.
During a discussion at a Cabinet meeting on a Wednesday, President Trump asserted that his administration's tariffs are compelling companies like Samsung to invest heavily in the US. He further stated that China is currently in a dire economic situation due to these tariffs.
"I've heard Samsung is figuring to build massive facilities here in the United States, all thanks to the tariffs. If we hadn't implemented them, they wouldn't be doing that," Trump boldly declared.
Trump had earlier claimed that his administration had attracted over $7 trillion in private investments since he assumed office, from businesses like Apple, Eli Lilly, and Stargate, as well as countries such as Saudi Arabia, UAE, and Japan.
"We're seeing more money pumped into our economy than at any point in our country's history," he stated to reporters. "We're almost up to $8 trillion, I reckon."
*TARIFFS COULD GOBBLE UP TO 10 MILLION JOBS IN CHINA, BESSENT FORECASTS*
As the US-China trade war rages on, China appears to be in rough waters, according to the president.
*CHINA SURRENDERS ON 125% TARIFF FOR MAJOR US EXPORTS AFTER WHITE HOUSE HOISTS SAIL ON BEIJING'S INABILITY TO KEEP UP*
However, Trump also empathized with China, imploring things not to turn sour for them.
"I've heard reports suggesting that China's economy is taking a major hit. I wouldn't want that for China, and I'm genuinely saddened to hear it," Trump confided.
"They're sending boats, the largest vessels in the world, laden with cargo like never before. These are the biggest ships sailing the seas, carrying the heaviest freight. And they're turning back in the Pacific, unable to unload because of the 145% tariff," Trump continued.
He further stated that while negotiations with China are ongoing, factories across China are closing due to the reduced demand for their goods. Trump emphasized that this is necessary until China starts treating US trade fairly.
"I want China to prosper, but they must play fair with us. This isn't just about buying and selling; it's about intellectual property and a lot more," Trump maintained. "We'll see what happens, but I hope we can strike a deal with China soon."
Contributions by FOX Business' Greg Wehner.
- President Trump articulated that his administration's tariffs on China are compelling companies like Samsung to make considerable investments in the United States.
- The president asserted that China's economy is in a dire situation due to these tariffs, with reports suggesting that they could cost China up to 10 million jobs.
- Samsung is expected to construct substantial facilities in the United States, according to President Trump, as a direct result of the tariffs.
- Trump mentioned that China surrendered on a 125% tariff for major US exports after the White House indicated China's inability to keep up.
- Amidst the ongoing US-China trade war, Trump expressed empathy for China, acknowledging his dismay at hearing about the apparent negative impact on their economy.
- Factories across China are reportedly closing due to reduced demand for their goods, according to Trump, as a result of the trade war and the tariffs.
- Trump emphasized that the current situation is necessary until China starts treating US trade fairly and warned that the issue is not just about buying and selling, but also about intellectual property and policy-and-legislation aspects in the realm of business, real-estate, finance, general-news, politics, and war-and-conflicts.
