Trump Complains About "stupid Trade" With China
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2018-04-09 HKT 21:22
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US President Donald Trump on Monday complained yet again about "stupid trade" with China.
In a tweet, Trump said that when a Chinese-made vehicle is sent to the US, the tariff is only 2.5 percent, while American cars exported to China are slapped with a 25 percent tariff.
Trump asked, "Does that sound like free or fair trade." Then answered, "No, it sounds like STUPID TRADE."
China charges total duties of 25 percent on most imported cars -- a 10 percent customs tariff plus a 15 percent auto tax. Since December 2016, Beijing also has charged an additional 10 percent on "super-luxury" vehicles priced above 1.3 million yuan.
Trump's top economic advisers have offered mixed messages as to the best approach with China. Beijing has threatened to retaliate if Washington follows through with its proposed tariffs, even as Trump emphasized his bond with President Xi Jinping.
"President Xi and I will always be friends, no matter what happens with our dispute on trade," Trump tweeted Sunday. "China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!"
But Trump did not explain why, amid a week of economic saber-rattling between the two countries that shook global markets, he felt confident a deal could be made. (AP)