Trump doubles down on trade threats against China
President Trump on Thursday again rattled his saber at China, even as his own administration is trying to calm fears over a possible trade war between the world’s two largest economies.
Trump took to Twitter to criticize news reports about China’s retaliation against proposed U.S. tariffs on a variety of Chinese goods.
{mosads}
“The Fake News Washington Post, Amazon’s ‘chief lobbyist,’ has another (of many) phony headlines, ‘Trump Defiant As China Adds Trade Penalties.’ WRONG!” the president tweeted. “Should read, ‘Trump Defiant as U.S. Adds Trade Penalties, Will End Barriers And Massive I.P. Theft.’ Typically bad reporting!”
Stock markets have slumped in recent days as the U.S. and China have escalated their tariff threats.
Minutes before Trump’s tweet, his new economic adviser, Larry Kudlow, tried to soothe those fears.
“Technically, both countries have just proposed tariffs. Nothing’s been enacted,” he told reporters at the White House. “I think that’s an important point. Nothing around the corner. There’s going to be a big discussion about it.”
The Trump administration last week unveiled a list of about $50 billion worth of Chinese products that it plans to impose tariffs on. The tariffs are in response to what administration officials say is China’s discriminatory and improper trade practices, as well as its theft of American intellectual property.
China responded on Wednesday by announcing plans to levy tariffs on soybeans, airplanes and cars from the U.S. The tit-for-tat between Beijing and Washington has raised fears of an all-out trade war between two countries that are each other’s largest trading partner.
Trump’s Thursday tweet also took a swipe at Amazon, which has become a frequent target of the president’s since late last month.
He has accused the tech giant in recent days of scamming the U.S. Postal Service, failing to collect sales taxes on products sold to consumers in states with such duties and using The Washington Post as a lobbying tool.
Amazon’s stock value has taken a hit since Axios first reported last week that Trump had privately expressed interest in cracking down on the retailer, which he has previously criticized for its “monopolistic tendencies.”
Updated at 9:50 a.m.