"China is practically the US boss"
Former U.S. President Donald Trump reaffirmed his stance that if he wins re-election, he will impose high tariffs on China and engage in a trade war. He specifically stated his intention to impose high tariffs in the automobile sector.
In a phone interview on the 11th (local time) with CNBC's program 'Squawk Box,' Trump said, "I firmly believe in tariffs," arguing that high tariffs are beneficial not only economically but also in trading with other countries.
Earlier, Trump pledged to introduce a universal 10% tariff on all imports if re-elected. He is also considering raising the tariff rate on China to 60%.
Regarding concerns expressed by right-wing think tanks about Trump's high tariff pledge, he responded, "They are wrong," adding, "International trade may be distorted, but the benefits will come back to the United States."
Trump claimed that the high tariffs he imposed on imported steel saved the U.S. steel industry, stating, "Tariffs have a positive economic impact when we are being economically exploited by other countries." He added, "The steel industry had not performed well for 25 years because it was being eaten alive by foreign competitors. Whenever Chinese steel was imported, a 50% tax was imposed, and every worker in the steel industry started crying when they saw me."
Trump also argued that high tariffs bring political benefits. He said, "China is currently the boss of the United States. We are basically a subsidiary of China," and added, "China is very scared of me now because of the additional tariffs, so tariffs have an absolutely positive effect on my negotiations."
He identified the automobile sector as a key target for his second-term administration. He plans to impose tariffs to encourage more automobile production in the U.S., saying, "If we impose tariffs on China, they will build car factories in the U.S. I don't want cars brought in from China. I want cars made by China using our workers."
Regarding the possibility of trade retaliation such as retaliatory tariffs, he said, "We have imposed high tariffs for several years, but China has never pulled the trigger on retaliation," adding, "Even if they do retaliate, it will have the effect of bringing American companies back to American soil."
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