Trump defends tariffs amid jittery markets

President Donald Trump on Friday morning defended his tariffs against China despite market concerns, at one point say...

Posted: Apr 6, 2018 12:09 PM
Updated: Apr 6, 2018 12:09 PM

President Donald Trump on Friday morning defended his tariffs against China despite market concerns, at one point saying, "we've already lost the trade war."

The President took to Twitter and a radio interview to make his case after he threatened tariffs on $100 billion more in Chinese goods.

"We've already lost the trade war. We don't have a trade war. We've already lost," Trump told WABC radio, noting the US trade deficit with China and the country's theft of US intellectual property.

Amid jittery markets -- Dow Jones Industrial Average futures were down more than 250 points Friday morning -- Trump acknowledged in the interview that "I'm not saying there's not going to be any pain" but insisted, "we're going to be much stronger for it."

He also blamed what he said was inaction by previous administration on the matter, saying, "we had no choice." The President added that he had "a lot of respect" for his Chinese counterpart, Xi Jinping, and said "I hope we work it out."

He also tweeted Friday morning, "Despite the Aluminum Tariffs, Aluminum prices are DOWN 4%. People are surprised, I'm not! Lots of money coming into U.S. coffers and Jobs, Jobs, Jobs!"

Aluminum prices are down since the tariffs on steel and aluminum imports, announced last month, went into effect. But some economists think that the possibility of a trade war slowing the global economy might also be a factor in driving prices down.

Earlier this week, the US announced plans for new tariffs on $50 billion worth of Chinese goods, claiming that China is stealing US intellectual property. China responded within hours by announcing plans for $50 billion worth of tariffs on US exports.

In a statement Thursday, Trump said he instructed the United States Trade Representative to determine whether tariffs on $100 billion more in Chinese goods would be appropriate "in light of China's unfair retaliation."

California Coronavirus Cases

Data is updated nightly.

Cases: 3074812

Reported Deaths: 35060
CountyCasesDeaths
Los Angeles103873814416
San Bernardino2569141560
Riverside2510002676
San Diego2185552174
Orange2165092508
Santa Clara949051129
Kern87240572
Fresno83200968
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Merced24570316
Sonoma24184242
Kings19588148
Placer17490184
San Luis Obispo16056140
Madera13528151
Santa Cruz12461113
Marin11732159
Yolo10789138
Shasta9750123
Butte9528128
El Dorado788649
Sutter782879
Napa767244
Lassen519916
San Benito500346
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Tehama433244
Tuolumne340340
Nevada323474
Mendocino319232
Amador302431
Lake262531
Humboldt242725
Glenn194820
Colusa17969
Calaveras162123
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Mono11244
Inyo98329
Del Norte8672
Plumas5895
Modoc3853
Mariposa3464
Trinity3044
Sierra820
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Oroville
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Thursday was the last fairly quiet weather day that we'll have in northern California as a series of storms will move our way through next week. Our first chance for rain and snow showers arrives Friday morning with a cold front.
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