President Trump on Friday defended his widely criticized plan to impose steep tariffs on imports of steel and aluminum, tweeting that “trade wars are good, and easy to win.”
“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,”he said.
“Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!” he added.
In announcing the protectionist move, Trump said Thursday the US would slap duties of 25 percent on imported steel and 10 percent on aluminum to protect American producers.
“We’ll be signing it next week. And you’ll have protection for a long time in a while,” Trump said during a meeting with 15 steel and aluminum industry executives.
But White House officials later said some details still needed to be worked out — as the Dow Jones industrial average took a nosedive of as much as 586 points.
Fears of a growing trade war sparked selloffs on Wall Street and in Asia and Europe, hitting the share prices of steelmakers and manufacturers supplying American markets particularly hard.