President Donald Trump tweeted Tuesday morning that "tariffs are the greatest" as the United States prepares to impose a variety of tariffs on numerous countries.
"Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs," Trump tweeted. "It’s as simple as that – and everybody’s talking! Remember, we are the "piggy bank" that’s being robbed. All will be Great!"
Trump's tweet comes after his administration already imposed $34 billion on Chinese imports and targeted an additional $16 billion goods. The administration has looked at another $200 billion in possible targets for tariffs. Trump has expressed that he is willing to tax all Chinese imports, $500 billion worth, if China doesn't reduce the trade deficit with the United States.
"I’m ready to go to $500 [billion]," Trump said. "I’m not doing this for politics; I’m doing this to do the right thing for our country. We have been ripped off by China for a long time, and I told that to President Xi."
China has responded with its own tariffs.
The Trump administration has also imposed tariffs on close allies such as Canada and the European Union. A 25 percent tariff on steel and a 10 percent tariff on aluminum were imposed on Canada, Mexico, and the European Union. Trump risks escalating the trade war with the suggestion he might impose more tariffs on automobiles and other products if countries don't negotiate better trade deals with the United States.
Trump will meet with the president of the European Union Commission on Wednesday where the two leaders will discuss the issue of trade.
Many financial experts and business leaders have noted the effects of an escalating trade war puts economic growth at risk. Companies in Wisconsin have expressed concern about rising prices due to tariffs and the impact it will have on their businesses. Waukesha Metal Products, a manufacturer in Wisconsin, said several of its customers want the company to ship production to Mexico in order to lower material costs.
"The alternative is that they move the business to another offshore supplier," said Chief Executive Officer Jeffrey Clark.
The company has a plant in Mexico but would like to continue to expand in Wisconsin instead.
"We are growing in Mexico, and that’s great. But Wisconsin is our home base, and we want to expand and grow here," Clark said.