President Donald Trump defended his use of tariffs in several tweets Friday morning, saying they have allowed his administration to carve out better trade deals.
“When you are the big “piggy bank” that other countries have been ripping off for years (to a level that is not to be believed), Tariffs are a great negotiating tool, a great revenue producer and, most importantly, a powerful way to get……” Trump wrote.
He added, “….companies to come to the USA and to get companies that have left us for other lands to COME BACK HOME. We stupidly lost 30% of our auto business to Mexico. If the Tariffs went on at the higher level, they would all come back, and fast. But very happy with the deal I made,…”
Trump closed the thread with, “…..if Mexico produces (which I think they will). Biggest part of deal with Mexico has not yet been revealed! China is similar, except they devalue currency & subsidize companies to lessen effect of 25% Tariffs. So far, little effect to consumers. Companies will relocate to U.S.”
Mexico ratified the United States-Mexico-Canada Agreement (USMCA), an updated form of the NAFTA agreement, last month. Senior Trump administration official Marc Short said this week he believes the trade pact will be approved in the U.S. House this fall.