TRUMP: 'Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S.' THE FACTS: This is not how tariffs work.
Trump minimized the worth of China's purchases of U.S. goods and services, which support nearly 1 million jobs in the U.S., misstated the trade deficit and ignored the inevitable rise in many costs to consumers when imports are heavily taxed.
As for calling himself"your" favorite president, he is addressing only his supporters, not the country. Polls find Trump's approval rating to be high among Republicans but it generally ranges between about 35% and 45% among Americans overall.TRUMP:"We have lost 500 Billion Dollars a year, for many years, on Crazy Trade with China. NO MORE!"
Nor is the trade gap a"loss" in a pure sense. U.S. consumers and businesses get electronics, furniture, clothing and other goods in return for their money. They are buying things, not losing cash.TRUMP:"Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S.
A coalition of U.S. trade organizations representing retail businesses, tech, manufacturing and agriculture said this week:"For 10 months, Americans have been paying the full cost of the trade war, not China." It said:"To be clear, tariffs are taxes that Americans pay, and this sudden increase with little notice will only punish U.S farmers, businesses and consumers.
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