Trump regrets not charging China higher tariffs, White House says

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BIARRITZ, France (Reuters) – President Donald Trump wants to raise tariffs on Beijing even higher, said the White House on Sunday, trying to clarify earlier statements that revealed Trump's regret. about his decision to raise his trade war with China.

President Donald Trump looks at how photographers take photographs before the working session on World Economy and Trade on the second day of the G-7 summit in Biarritz, France August 25, 2019. Markus Schreiber / Pool via REUTERS

Trump raised eyebrows during a meeting with British Prime Minister Boris Johnson on the lines that were at a G7 summit, when he responded positively to questions from reporters on whether there were any other ideas about 5% for Chinese goods.

“President Trump responded positively – as he regrets not raising the tariffs higher,” said Stephanie Grisham, spokesperson for White House in a statement.

Trump announced the additional duty on about $ 550 billion in targeted Chinese goods Friday, sometimes after China's exposure revenues tariffs on US $ 75 billion goods.

The movements were the latest in a trade war between the two largest economies in the world that damaged global growth, turbulent allies, and rising market concerns that the world economy will suffer a recession.

Larry Kudlow, the White House economic adviser on Sunday, said he didn't expect China to go back again.

“I think it is an action that responded to its action. So I doubt if there's another step to take, ”he said on the Christian Brothers' Face the Nation program. “We have to wait and see.”

In a separate Sunday appearance, US Treasury Secretary, Steven Mnuchin, said that Trump and Chinese President Xi Jinping had been a "enemies" of trade, despite good relations in other areas.

“President Xi is still his friend,” he said on the Fox News Sunday program.

“But as it relates to financial issues and trade, we are enemies now. We are not making progress, ”said Mnuchin, who was helping key trade talks with China.

ARA SECOND GOOD RECORD & # 39;

In meeting with Johnson on Sunday in France, Trump was asked if he had any further ideas about his recent escalation.

“Yes, definitely. Why not? ”He said.

The reporter repeated the question and Trump replied: “Also. It would also be. "

A second reporter continued, asking the second idea to increase the trade war with China.

“I have second thoughts about everything,” replied Trump.

In addition to its decision to give up tariffs, Trump said it was directing US companies to find alternatives to doing business in China and transferring operations back to the United States.

Mnuchin said that Trump would have the authority to order companies from China under the International Emergency Emergency Powers Act if it declared a national emergency.

Trump said he was not thinking of doing that action at this time.

“I could declare a national emergency. I think when they stole and take them out, and – – intellectual property theft, anywhere from $ 300 billion to $ 500 billion a year, and when we lose nearly a trillion dollars a year … in many ways, that is an emergency, "he said.

“I have no plan now. Actually, we are going very well with China now. We're talking, ”Trump said.

Still, Mnuchin and Kudlow said that Trump was calling on US businesses to transfer investments from China.

“We want them to be in places where they trade in partners that we value and trade with fairly,” said Mnuchin, saying that US businesses would be better off relying on less. China where the war trade lasts for a long time.

Reporting by Jeff Mason in Biarritz; Additional reporting by David Morgan and Ginger Gibson in Washington; Edited by Toby Chopra, Tim Ahmann and Sonya Hepinstall

Our Standards:The principles of Thomson Reuters Trust.

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