Trump claims tariffs are 'working big time'

Trump claims tariffs are 'working big time'
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President TrumpDonald John TrumpLondon terror suspect’s children told authorities he complained about Trump: inquiry The Memo: Tide turns on Kavanaugh Trump to nominate retiring lawmaker as head of trade agency MORE on Sunday claimed his administration's steep tariffs on other nations are "working big time," despite little evidence to back that claim up.

The president fired off a pair of tweets vowing to tax any country that doesn't agree to "make or build" its products in the United States.

"In either event, it means jobs and great wealth," Trump tweeted.

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He argued that tariffs will allow his administration to pay down the rapidly rising debt, while also cutting taxes. However, there's been little indication thus far that the tariffs will provide such a surplus in funding, and the national debt has continued to rise under the Trump administration.

"At minimum, we will make much better Trade Deals for our country!" Trump tweeted.

Trump has fiercely defended the decision to impose steel and aluminum tariffs on Canada, Mexico and the European Union (EU), among others, as well as billions of dollars in duties on Chinese goods. The move has prompted concerns of a global trade war as each nation has responded with retaliatory tariffs on U.S. products.

The president announced an agreement with the head of the European Commission last month to restart negotiations over a trade deal between the EU and the U.S. The two nations agreed to work toward lowering industrial tariffs, and the EU will purchase more soybeans from U.S. farmers.

Aside from that, Trump's tactics have yet to yield tangible positive results.

The Department of Agriculture has been forced to offer $12 billion in aid to farmers directly negatively affected by retaliatory tariffs imposed on U.S. grain, produce and meat exports. The aid will be used to assist and buy crops from farmers.

The U.S. and China have already slapped tens of billions of dollars worth of tariffs on the other nation's products, and have since ratcheted up threats of further tariffs.

Beijing said Friday that it would impose tariffs upward of 25 percent on 5,207 American goods if the Trump administration follows through with its threats to hit China with 25 percent tariffs on $200 billion of Chinese imports.

Trump has remained defiant in the face of Republican and Democratic opposition to the tariffs. Lawmakers have warned that the duties will ultimately hurt American workers.