The U.S. could increase its tariff restrictions on imports from China if the first phase of their trade deal falls apart, President Donald Trump said in a speech at the Economic Club of New York on Tuesday.
“If we don’t make a deal, we’re going to substantially raise those tariffs,” Trump said during the speech, according to Bloomberg. “They’re going to be raised very substantially. And that’s going to be true for other countries that mistreat us too.”
Trump added that the first agreement could be signed very soon, as the Beijing government is “dying” to make a deal.
Trade must be fair and reciprocal, Trump said. “America will not be taken advantage of anymore.”
“No one has cheated better than China,” Trump said, adding that the U.S. leaders must be blamed for letting China take advantage of them. “We should’ve been doing what they were doing.”
Trump also blasted at the Federal Reserve for being too conservative in cutting back the interest rates. Noting the rise in stock markets during his presidency, Trump said that the markets could have “added another 25%,” at least if the central bank had been more cooperative with him.
S&P 500 (INDEXSP: .INX) closed 0.16% higher at $3,091.94 on Tuesday after Trump’s speech.
Nasdaq Composite (INDEXNASDAQ: .IXIC) was up 0.26% at $8,486.09 on the day’s close.
The NYSE Composite (INDEXNYSEGIS: NYA) was down 0.0037% at 13,387.62