As he has done in the past, President Trump shook stock markets today when he announced efforts to reduce America’s trade deficit with China. The Dow was down 724 points by the end of the day.
“We have one particular problem, and I view them as a friend, I have tremendous respect for President Xi, we have a great relationship, they are helping us a lot in North Korea, and that’s China.”
Trump went on to say that the US has an annual $800 billion trade deficit, over half of which is with China. Trump said he has asked China to reduce the trade deficit by $100 billion in the next year, but will take steps to put additional tariffs in place in the next few weeks. Trump signed papers to put in place a section 301 trade action, which he hopes will reduce the trade deficit about $60 billion per year.