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Trump pushes back against market fears of trade war

President Donald Trump on Wednesday tried to tamp down economic anxieties over tariffs recently announced by China an...

Posted: Apr 4, 2018 2:05 PM
Updated: Apr 4, 2018 2:05 PM

President Donald Trump on Wednesday tried to tamp down economic anxieties over tariffs recently announced by China and the United States.

"We are not in a trade war with China, that war was lost many years ago by the foolish, or incompetent, people who represented the U.S.," Trump tweeted, adding, "Now we have a Trade Deficit of $500 Billion a year, with Intellectual Property Theft of another $300 Billion. We cannot let this continue!"

He later tweeted, "When you're already $500 Billion DOWN, you can't lose!"

The President was apparently referring to a deficit of $506 billion in Chinese exports to the US in 2017. Overall, however, the US trade deficit with China is closer to $337 billion when factoring in goods and services, according to figures provided by the US Bureau of Economic Analysis.

Trump's proclamations come amid a tit-for-tat on trade restrictions that he decided to engage in.

On Tuesday, the Trump administration published a list of about 1,300 Chinese exports -- worth about $50 billion annually -- that it intends to target with 25% tariffs. China responded on Wednesday, with its Ministry of Commerce announcing plans to impose its own 25% tariff on $50 billion worth of US exports. The 106 affected products will include aircraft, cars and soybeans.

The escalating exchange of tariffs has many analysts -- and markets -- fearing a potential trade war.

US stocks were poised to open sharply lower on Wednesday after China announced its plans.

Last month, after the administration announced that the US would impose steel and aluminum tariffs, Trump tweeted that "trade wars are good."

"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win," he tweeted. "Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big. It's easy!"

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 36680

Reported Deaths: 1250
CountyConfirmedDeaths
Hinds299254
DeSoto195920
Madison148439
Jones122449
Harrison117716
Rankin112619
Neshoba104677
Forrest103843
Lauderdale96681
Scott82415
Jackson79819
Washington73713
Copiah67016
Leake63420
Lee62822
Oktibbeha61928
Grenada6049
Warren60021
Holmes59541
Lamar5837
Wayne56519
Yazoo5607
Lowndes54817
Leflore53456
Lincoln53335
Lafayette5064
Pike50520
Sunflower5048
Monroe46135
Panola4546
Covington4465
Simpson4433
Bolivar41218
Tate39213
Attala38624
Newton37610
Adams35820
Pontotoc3556
Marion34512
Claiborne30811
Pearl River30332
Winston30111
Chickasaw30019
Marshall2923
Jasper2816
Noxubee2799
Walthall2708
Clay26111
Union25412
Smith25212
Coahoma2306
Clarke22325
Lawrence2132
Yalobusha2089
Tallahatchie1954
Kemper18414
Carroll18211
Montgomery1793
Calhoun1705
Humphreys16910
Hancock14813
Itawamba1478
Tippah14611
Webster13411
Jefferson1283
Prentiss1274
Jefferson Davis1254
Tunica1253
George1233
Greene11610
Amite1123
Alcorn1072
Tishomingo1061
Quitman1011
Wilkinson989
Perry914
Stone772
Choctaw764
Franklin542
Sharkey480
Benton470
Issaquena101
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 54768

Reported Deaths: 1096
CountyConfirmedDeaths
Jefferson6746170
Mobile4904140
Montgomery4547112
Tuscaloosa269053
Madison22689
Marshall198011
Shelby169125
Lee159637
Morgan13385
Baldwin127711
Walker107532
Elmore106721
Etowah101114
Dallas10029
DeKalb9677
Franklin93816
Autauga69815
Russell6860
Unassigned67928
Chambers67730
Butler65229
Limestone6393
Tallapoosa63069
Cullman6156
Houston6077
Lauderdale5776
St. Clair5443
Calhoun5155
Colbert5096
Escambia4888
Lowndes48422
Pike4795
Jackson4352
Coffee4284
Covington41612
Talladega4017
Barbour3992
Dale3951
Bullock37810
Hale35423
Marengo35411
Chilton3312
Blount3201
Clarke3176
Wilcox3038
Winston2995
Sumter29213
Marion29014
Pickens2746
Randolph2639
Monroe2603
Perry2502
Conecuh2318
Bibb2241
Macon2199
Choctaw21712
Greene1989
Henry1553
Washington1488
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Crenshaw1323
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Lamar891
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