President Donald Trump has issued an ominous new justification for his tariff hikes, saying more products need to be made in the United States so it is prepared in case of ‘war.’
Trump has sparked fears of a recession with his crackdown on foreign imports which is part of a campaign to ramp up domestic manufacturing and have more goods made in America.
In his latest explanation of the tariff policy he suggested it was necessary to deal with any future war. Trump made the comments on Air Force One on Sunday while talking about possible pharmaceutical tariffs.
He said: ‘We’re going to have our drugs made in the United States so that in case of war, in case of whatever, we’re not relying on China and various other countries, which is not a good idea.’
As Trump left open the possibility of more tariffs to come, Chinese President Xi Jinping had his own words of warning as he gave a statement in Vietnam during a tour of Southeast Asia tour.
‘There are no winners in a trade war, or a tariff war,’ Xi wrote in an editorial jointly published in Vietnamese and Chinese official media.
‘Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment.’
He added: ‘Trade war and tariff war will produce no winner, and protectionism will lead nowhere.’
https://www.dailymail.co.uk/news/article-14608231/trump-war-china-trade-tariffs-iphones.html