Trump claims the trade war with China has had 'absolutely no impact on the economy'

Business Insider

Published Sep 26, 2018 06:02PM ET

Updated Sep 27, 2018 09:21AM ET

President Donald Trump talked about the economic impact of the his tariffs on steel, aluminum, and Chinese products during a rare press conference on Wednesday.
"And it's had no impact on our ... economy, which I said it wouldn't," Trump said.
This claim is contradicted by numerous US businesses that are complaining of increased costs due to the tariffs.

President Donald Trump on Wednesday claimed the trade conflict with China has not had any effect on the US economy, despite American businesses warning about pain caused from the tariffs.

At a press conference in New York City following meetings at the United Nations, Trump said tariffs on steel, aluminum, and Chinese products are not hurting the US.

"A lot of money is coming into our coffers," Trump said of the new tariffs. "And it's had no impact on our — absolutely, by the way — no impact on our economy which I said it wouldn't."

While macroeconomic data such as inflation and GDP growth has remained strong since the start of trade threats, Trump's claims fly in the face of anecdotal stories from US businesses around the country.

For instance, the agreement between the US and Japan to start negotiations on a free trade agreement between the two countries. The president said Japanese President Shinzo Abe agreed to but more American natural gas and military equipment.

Trump also touted the revised free trade agreement with South Korea. "Means a lot of business for our farmers, we're opening up for our farmers, opening up for a lot of different groups," Trump said. "We're going to be able to sell much more than double the number of automobiles that we were allowed under a deal that was totally defective that was there before."

Trump warned that Canada needs to come to the table to revise the North American Free Trade Agreement, or NAFTA, and complained about the country's dairy tariffs.

Get The News You Want

Read market moving news with a personalized feed of stocks you care about.

Get The App

Written By: Business Insider

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Show moreShow Less