Washington DC [US], February 2 : US President Donald Trump on Sunday criticised the trade deficits that the US has with Canada, Mexico, China, and argued that America should no longer "subsidise" other countries, and urged businesses to manufacture domestically to avoid tariffs.
Saying that the US won't be the "stupid country" any longer, lose trillions of dollars in subsidising other countries
Sharing a post on social media platform Truth Social, Trump wrote, "The USA has major deficits with Canada, Mexico, and China (and almost all countries!), owes 36 trillion dollars, and we're not going to be the "Stupid Country" any longer. Make your product in the USA and there are no tarrifs! Why should the United States lose trillions of dollars in subsidising other countries, and why should these other countries pay a small fraction of the cost of what USA citizens pay for drugs and pharmaceuticals, as an example?"
Declaring this the "Golden Age of America," he acknowledged potential economic challenges but insisted that his policies would restore American strength, bring common sense to governance, and ultimately deliver "spectacular" results.
The post added, "This will be the Golden Age of america ! Will there be some pain? Yes, maybe (and maybe not!) But we will make America great again, and it will all be worth the price that must be paid. We are a country that is now being run with common sense -- and the results will be spectacular!"
Notably, Trump on Saturday announced that effective from Tuesday, the US would impose an additional 10 percent tariff on all goods imported from China on top of existing duties. Trump also announced he is implementing a 25 per cent additional tariff on imports from Canada and Mexico.
China on Sunday said it "firmly opposes" the new tarrifs imposed on the country by Trump and warned of taking "corresponding countermeasures" to resolutely safeguard its own rights and interests.
In a statement, the Chinese Ministry of Commerce said that it would file a lawsuit with the World Trade Organization against the US for its "wrongful practice," the Global Times reported.
"China is strongly dissatisfied with and firmly opposes US tariffs imposed on Chinese goods," the ministry said.
Mexican President Claudia Sheinbaum Pardo announced that Mexico would impose retaliatory tariffs and strongly rejected Trump's "slander" that the Mexican government has ties with criminal organizations. She proposed creating a working group with top public health and security teams from both countries to address shared concerns.
Canada's Prime Minister, Justin Trudeau, on Saturday night announced in a news conference that Canada would retaliate by placing 25 per cent tariffs "against USD 155 billion worth of American goods," with the first set of tariffs taking effect Tuesday.