Featured Image Credit: SAUL LOEB/AFP via Getty Images
Topics: Donald Trump, Money, News, US News, Tariffs
Gerrard Kaonga
Topics: Donald Trump, Money, News, US News, Tariffs
President Donald Trump still remains confident that he has made the correct and crucial decisions to improve the American economy despite his critics.
In case you had somehow missed the wild international stand offs caused by the US, things are continuing to heat up as President Donald Trump reflects on the economic fallout.
On April 2nd, Trump announced his ‘Liberation Day’ plan and revealed new tariffs for countries around the world, allies and long-standing trade partners included.
Alongside slapping a 25 percent tariff on all foreign-made automobiles and a baseline 10 percent tariff on all countries - except those compliant with the USMCA free trade agreement between Mexico, Canada and the US - Trump is charging non-compliant countries 25 percent, with UK imports at 10 percent, and EU goods at a 20 percent tariff.
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While many nation's leaders have spoken out saying they are happy to strike a new deal to avoid tariffs, they have also warned they will hit the US with their own tariffs, most notably China who seems to be engaged in a new trade war with America.
Trump has remained firm that this economic plan will see the ‘American industry reborn’ and will ultimately benefit the American people.
On Wednesday (Apr 9) the US government finally began collecting tariffs imposed on 90 countries, including an astounding 104% levy on China.
Speaking at a White House event on Tuesday (April 8), Trump also revealed how much money the US was reportedly making.
He stated that US was already ‘taking in almost $2 billion a day in tariffs.’
As well as this, Trump insisted many countries were desperate to strike up a deal to avoid the tariffs.
He said: "These countries are calling me up, kissing my a**... they are dying to make a deal..."
Mocking how countries were groveling, he mimicked them adding: “Please, please, sir, make a deal. I'll do anything.'"
He continued: “I really think we are helped by the tariff situation that is going on which is a good situation, not bad, its great.
“It is going to be legendary, you watch, legendary in a positive way, I have to say.
“That is why additional tariffs on Chinese goods are in place effective midnight tonight at 104% until they make a deal with us that is what it is going to be.
“I think they’ll make a deal at some point, China wants to make a deal, they really do, they just don’t know how to get it started because they are proud people.”