White House continues to defend tariffs
Stephen Miller criticized China’s economic policies
WASHINGTON (Gray DC) - One of President Trump’s top advisors is defending the President’s tariffs policies – a day after a key report showed the U.S. economy declined in the first 3 months of the year.
The President also is showing no signs of wanting to end the trade war with China. This, despite new economic reports showing that tariffs are impacting both countries’ economies in different ways.
New data from the first quarter of the year shows that while the U.S. economy declined 0.3 percent in the first quarter, China’s economy grew at a faster-than-expected annual rate of 5.4 percent.
Despite that weakening U.S. economic growth, White House Deputy Chief of Staff Stephen Miller says the U.S. is not ready to call for a trade truce with China anytime soon.
“He is not going to allow China to continue to steal our intellectual property, to continue to dump and subsidize their good in our markets to manipulate their currency, to rack up an unsustainable trade deficit.”
The President’s 145% trade tariffs on Chinese goods has led to a significant reduction in bookings for eastbound trans-Pacific containerships.
Wisconsin Senator Ron Johnson is one of the few Republicans speaking out about his concerns that high tariffs could put some Wisconsin manufacturers out of business.
Stephen Miller, White House Deputy Chief of Staff, insists the tariffs regime will work.
“The reality is that we can either surrender economically to China. Or we can reclaim and restore our manufacturing base and our industrial needs.
Thursday, Chinese State Media reported that the U.S. has approached China about seeking new trade talks. That could potentially signal China’s openness to negotiations. And that would be welcome news to financial markets - and many American businesses - that are concerned about a protracted trade war.
Wall Street opened the month of May with stocks closing slightly higher.
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WALL Street started the month of May up a little – here’s a look at the closing numbers.
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