Addressing on Wednesday, US President Donald Trump defended tariffs during his administration, claiming that while they would mean fewer choices for American children as consumers, China would lose the most in the trade war, a report by the Associated Press stated.
Talking about the impact of tariffs on prices, Trump said, "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 claimed that the tariffs of a total of 145 percent were having a profound effect on China's manufacturing sector, saying the country was having "tremendous difficulty" as factories struggled to remain open under the pressure.
These were issued following the release of a new government economic report showing a 0.3 percent decline in the US GDP during the first quarter of the year, a period shortly after Trump had assumed office.
Appealing to social media, Trump faulted former President Joe Biden for the slowing economy. "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," he tweeted.
Release of the GDP figures led to a downturn in financial markets on Wednesday. Addressing the media, Trump distanced himself from the market reaction, stating, "I'm not taking a credit or discredit for the stock market. I'm just saying we inherited a mess."
Meanwhile, White House trade adviser Peter Navarro expressed optimism about the economic outlook. He dismissed concerns of an impending recession and maintained that Trump's policies would lead to growth in the near future.
“All we’re seeing is good, strong news,” Navarro asserted. “So the idea that there’s a recession coming should be heavily discounted.”
Read also| Pakistan Shuts Down Air Routes to PoK Amid Heightened India Relations
Read also| PM Modi to Skip Russia's May 9 Victory Day Parade Amid Rising Tensions
