Real-estate mogul Donald Trump says the United States should impose tariffs on imports from China in retaliation for the nation’s unfair trade practices.
“They’re sending stuff over here, and we’re paying for it,” Trump says.
China is paying very little tax on these exports.
“It’s almost impossible to do business in China, yet they take our business from North Carolina, South Carolina, Alabama, making toys (for example),” Trump told CNNMoney.com.
They make tremendous profits selling goods to this country.
“Then they lend this country money in the form of Treasuries,” Trump said.
“I think it’s terrible. . . . They think we’re the dumbest ... in the world. They think our representatives don’t know what they’re doing. They laugh at us behind our back.”
So what’s the solution? “I’d tax China very heavily on products coming in,” Trump said.
That would create revenue to reduce our budget deficit, trim imports to cut our trade deficit and create U.S. jobs, he maintains.
The United States ran a $226.8 billion trade deficit with China last year.
In March, China ran its first trade deficit on a global basis since 2004. But experts don’t see that as a trend.
“The weak exports in March were likely due to the Lunar New Year effects as exporters suspend production for an extended period after the holiday,” Goldman Sachs analysts wrote in a report obtained by Bloomberg.
© 2016 Newsmax Finance. All rights reserved.