President Trump said Wednesday that tariffs are propelling the U.S. to better trade deals, defending his trade wars amid a new round of strong economic reports from the government.
“Country was built on Tariffs, and Tariffs are now leading us to great new Trade Deals - as opposed to the horrible and unfair Trade Deals that I inherited as your President,” Mr. Trump tweeted. “Other Countries should not be allowed to come in and steal the wealth of our great U.S.A. No longer!”
Turkey announced Tuesday that it would impose new tariffs on U.S. cars, cigarettes and alcohol, escalating tensions with Washington after Mr. Trump said he’ll raise tariffs on Turkey steel and aluminum. i
The president is engaged in trade disputes with several major economies, including China.
The Dow Jones industrial average dropped about 1 percent by late morning Wednesday, partly on worries of the trade feud with Turkey.
But retail sales rose 0.5 percent in July, the Commerce Department reported Wednesday, pointing to continued strong growth in the third quarter. Manufacturing output also increased steadily last month.
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