International Taxes

Trump: Tariffs having ‘major effect’ on China’s economy

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President Trump on Monday touted the success of his tariffs on Chinese goods, saying that the taxes are having a “major effect” on the nation’s economy.

His comments, made via Twitter, come as new Chinese government figures show the country’s economic growth at the slowest it’s been in nearly three decades.

“China’s 2nd Quarter growth is the slowest it has been in more than 27 years. The United States Tariffs are having a major effect on companies wanting to leave China for non-tariffed countries,” the president tweeted.{mosads}

“Thousands of companies are leaving. This is why China wants to make a deal with the U.S., and wishes it had not broken the original deal in the first place.”

China’s gross domestic product grew at a rate of 6.2 percent in the second quarter, which ended in June, down from 6.4 percent in the previous quarter. It is also China’s slowest quarterly growth rate since 1992, according to CNN Business.

U.S. exports to China were down 31.4 percent last month compared to the same time last year, The Associated Press reported last week.

“In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come. These Tariffs are paid for by China devaluing & pumping, not by the U.S. taxpayer!,” Trump tweeted. 

The U.S. and China have been in a trade war for months, and Trump has recently agreed to restart negotiations with Beijing.

Tags China Donald Trump Economy of China Tariffs
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