Trump defends tariffs on Chinese goods: 'No visible increase in costs or inflation'

Trump defends tariffs on Chinese goods: 'No visible increase in costs or inflation'
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President TrumpDonald John TrumpMarine unit in Florida reportedly pushing to hold annual ball at Trump property Giuliani clashes with CNN's Cuomo, calls him a 'sellout' and the 'enemy' Giuliani says 'of course' he asked Ukraine to look into Biden seconds after denying it MORE on Monday defended his administration's tariffs on Chinese goods, arguing that the United States won’t be impacted by a “visible increase in costs or inflation.”

In an early morning tweet while traveling for his first official state visit to the United Kingdom, Trump alleged that China “is subsidizing its product” so it can be still be sold in the U.S.

“China is subsidizing its product in order that it can continue to be sold in the USA,” Trump wrote.

“Many firms are leaving China for other countries, including the United States, in order to avoid paying the Tariffs," he added. "No visible increase in costs or inflation, but U.S. is taking Billions!”

Trump announced last month that he would increase tariffs on $200 billion of goods from China from the 10 percent to 25 percent as trade negotiations between the two countries fell through.

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The new announcement added another layer of tension between Washington and Beijing, which exchanged escalating tariffs throughout 2018. They two nations are expected to once again engage in trade talks later this year.

Trump has long argued that U.S. consumers do not take on increased costs as an effect of the ongoing trade war with China. He has also said that companies are leaving China for the U.S. to avoid paying the tariffs.