Investing.com-- U.S. President Donald Trump on Tuesday evening reiterated that his tariffs will fix trade imbalances against the U.S., claiming that other countries had “ripped off” the U.S. with tariffs on American goods.
The U.S. President said he will “very shortly” announce a “major tariff” on pharmaceuticals, keeping up his criticism of China and other countries with large trade surpluses with the U.S.
“Right now, China is paying a 104% tariff… they charged us for many items a 100%, a 125%, many countries have, they ripped us off left and right,” Trump said at a National Republican Congressional Committee dinner.
“But now it’s our turn to do the ripping,” Trump said, adding that the “tariff situation” was going to be “legendary.”
Trump claimed that the government was “making $2 billion a day” from his tariffs. The tariffs are expected to be borne by U.S. importers, and likely passed on to local consumers.
The U.S. President noted that countries were coming to negotiate with the U.S., and that they did not want higher tariffs. Trump called the countries targeted by his tariffs “cheaters,” who had used tariffs to cheat U.S. companies.
In an over hour-long speech, Trump repeated his unfounded allegation that the 2020 elections were rigged, while repeating his criticism of the Democrats. Trump also repeated his plans to lower U.S. taxes.
Trump also touted his relationship with Russia and his hardline stance against China, which by far faces the highest of his tariffs. He accused Beijing of cheating the U.S., stealing intellectual property, and manipulating markets by controlling its currency.
Trump on Tuesday signed an executive order hiking tariffs against China to a cumulative 104%, drawing ire and retaliation from Beijing. Trump’s tariffs are set to take effect from 00:01 ET (04:01 GMT).
Trump dismissed claims that the tariffs were a tax on Americans.