US President Donald Trump on Wednesday stated that tariffs imposed by his administration could lead to American children having “two dolls instead of thirty,” but China would suffer more from the trade war, reported Associated Press.
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Trump said about inflation caused by tariffs, “You know, somebody said, ‘Oh, the shelves are going to be open.’ Well, maybe the children will have two dolls instead of thirty dolls. So maybe the two dolls will cost a couple bucks more than they would normally.”
Trump also stated that China was having “tremendously difficulty” after being slapped with a total of 145 per cent tariffs because their factories were not able to do any business.
Trump blames stock market fall on Biden
The US President’s comments come after a new government report showed that the country’s economy shrank 0.3 per cent during the first three months of the year, soon after Trump came to power.
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He took to social media to blame the state of the economy on his predecessor Joe Biden, “This is Biden’s Stock Market, not Trump’s. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS.”
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After the release of the government report on the falling GDP, financial markets tumbled on Wednesday. In response, Trump told reporters, “I’m not taking a credit or discredit for the stock market. I’m just saying we inherited a mess.”
White House trade adviser Peter Navarro stated that the GDP would stabilise and Trump’s measures would ensure growth in the months ahead.
“All we’re seeing is good, strong news,” Navarro said. “So the idea that there’s a recession coming should be heavily discounted.”
