UPDATED 7:10 PM PT — Tuesday, November 19, 2019
President Trump is vowing to put pressure on China if a Phase One trade deal is not reached in the coming weeks.
“I’m very happy right now,” said the president. “If we don’t make a deal with China, I’ll just raise the tariffs even higher.”
Speaking during a cabinet meeting on Tuesday, the president said the Chinese economy recently posted its worst year in almost six decades. He said Chinese companies are bleeding cash because of U.S. tariffs, which generated almost $100 billion of additional revenue for the U.S. budget.
The president also said he’s been using tariff revenues to support economic activity in the U.S.
“I gave a lot of money to the farmers – I’m helping people that need help because China is paying us tremendous,” stated President Trump. “They’re paying for it — those tariffs are not paid by us.”
Officials said the U.S. and China could sign a Phase One trade deal by the end of this year, which would remove some of mutual tariffs and fix imbalances in bilateral trade and investment.