'They Will Pay Us Vast Sums of Money': Trump Defends Tariffs in Twitter Tirade

US President Donald Trump tweeted on Saturday that his policy of imposing steep tariffs on the import of goods from China is "working far better than anyone ever anticipated."

"Tariffs are working far better than anyone ever anticipated," Trump tweeted, citing losses in China's stock market as he predicted the US market could "go up dramatically" once trade deals were renegotiated.

….Tariffs will make our country much richer than it is today. Only fools would disagree. We are using them to negotiate fair trade deals and, if countries are still unwilling to negotiate, they will pay us vast sums of money in the form of Tariffs. We win either way……

— Donald J. Trump (@realDonaldTrump) 4 августа 2018 г.

​Trump stressed that tariffs " have had a tremendous positive impact" on the US steel industry, adding that "plants are opening all over the US."

Tariffs are working far better than anyone ever anticipated. China market has dropped 27% in last 4months, and they are talking to us. Our market is stronger than ever, and will go up dramatically when these horrible Trade Deals are successfully renegotiated. America First…….

— Donald J. Trump (@realDonaldTrump) 4 августа 2018 г.

….Tariffs have had a tremendous positive impact on our Steel Industry. Plants are opening all over the U.S., Steelworkers are working again, and big dollars are flowing into our Treasury. Other countries use Tariffs against, but when we use them, foolish people scream!

— Donald J. Trump (@realDonaldTrump) 4 августа 2018 г.

The White House said it could tax another $200 billion worth of Chinese goods. Earlier this month, the US administration suggested it might further hike the tax rate on these imports from the 10 percent proposed last month to 25 percent.

The top economic adviser to Trump, Larry Kudlow, said Friday that China's economy was "lousy," and Beijing's proposed tax on $60 billion worth of US goods was "a weak response" to the US threat of levies on $200 billion worth of Chinese goods.

However, China's Ministry of Finance said Friday it was prepared to impose new tariffs of up to 25 percent on about $60 billion worth of US goods if the United States proceeded with the proposed $200-billion measures.

Moreover, China's state media said Saturday the government's retaliatory tariffs on $60 billion of US goods showed rational restraint and they accused the US of "blackmailing."

"The White House's extreme pressure and blackmail are already clear to the international community," according to China's state television commentary, quoted by Reuters. "Such methods of extreme blackmail will not bear fruit against China."

Trump said in June that the United States would introduce additional tax on the total of $50 billion of Chinese exports. Beijing denounced the measures and pledged to retaliate. On July 6, the US tariffs on $34 billion of Chinese goods took effect. China immediately responded with its own levies on the same value of US goods.