Washington DC [US]: US President Donald Trump on Wednesday (local time) stood firmly behind his decision to raise tariffs on China to 125 per cent, declaring, “somebody had to do it.” He made the remarks during a White House event honoring Roger Penske’s NASCAR, INDY, and IMSA champions.
Addressing the media, Trump said no previous US president would have taken such a bold step, stressing that the tariffs were essential to correct what he called an “unsustainable” trade imbalance with China.
“Well, I thought that people were jumping a little bit out of line. No other President would have done what I did… Somebody had to do it. It had to stop because it’s not sustainable. Last year, China made USD 1 trillion off trade with the United States… Now I’ve reversed it,” Trump stated.
He also touched on his recent 90-day tariff pause for over 75 countries that have not retaliated against US measures.
“I did a 90-day pause for the people who didn’t retaliate because I told them if they retaliate, we’re going to double it. And that’s what I did with China because they did retaliate.”
President Trump expressed confidence that the tough stance would ultimately benefit the United States:
“It’s going to work out amazingly. By the end of the year or sooner, we’ll have an agreement that nobody would have dreamt possible.”
He also criticized the European Union, saying it had long exploited the US in trade matters:
“A deal is going to be made with everyone and they will be fair deals… They weren’t fair to the United States. They were sucking us dry and you can’t do that… People took advantage of our country and ripped us off for decades.”
During the celebratory event, Trump also praised the racing champions for their “courage” and commended the sport itself:
“These are great champions, and this is a great sport.”
He shared a lighthearted moment by recalling his ride around the Daytona 500 track in “The Beast,” the presidential armored limousine:
“I wouldn’t ride in that thing if you paid me,” he joked, referring to the high-speed IndyCar.
Earlier this week, Trump announced the immediate implementation of the 125% tariff hike on China, while authorizing a temporary 90-day pause on reciprocal tariffs for 75 other nations in trade talks with the US. The decision followed China’s retaliatory move to raise tariffs on US goods from 34% to 84%, as reported by Al Jazeera.
Trump’s latest move also came in the wake of Beijing’s earlier decision to impose 34% tariffs on US goods, prompting the US president to respond with an additional 50% tariff threat, escalating the trade conflict between the world’s two largest economies.