WASHINGTON (dpa-AFX) - Stocks on Wall Street have seen considerable volatility amid an escalating trade dispute between the U.S. and China, but President Donald Trump has continued to defend his proposed tariffs on Chinese imports.
Trump acknowledged in an interview on 77 WABC Radio's 'Bernie & Sid in the Morning' on Friday that the tariffs could cause some 'pain' in the markets but argued the U.S. would eventually come out stronger.
'I'm not saying there won't be a little pain,' Trump said. 'The market has gone up 40 percent, 42 percent, so we might lose a little bit of it.'
'But we're going to have a much stronger country when we're finished,' he added. 'We may take a hit, and you know, ultimately we're going to be much stronger for it, but it's something we have got to do.'
The comments from Trump come as his threat to impose $100 billion of additional tariffs on Chinese goods has contributed to notable weakness on Wall Street on Friday.
Trump noted in a statement on Thursday that the U.S. Trade Representative recently announced $50 billion in proposed tariffs on imports from China over intellectual-property violations.
China retaliated by announcing plans to impose a 25 percent tariff on $50 billion worth of U.S. exports, including aircraft, cars, and soybeans, which Trump called an effort to harm U.S. farmers and manufacturers.
'In light of China's unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs,' Trump said.
He added, 'I have also instructed the Secretary of Agriculture, with the support of other members of my Cabinet, to use his broad authority to implement a plan to protect our farmers and agricultural interests.'
Responding to the threat from Trump, the Chinese government declared it would retaliate to new tariffs 'with force and without hesitation.'
However, Trump has continually denied he is instigating a trade war with China, arguing that the war had already been lost.
(Photo: Gage Skidmore)
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