Trump promotes steel tariffs as 'A BIG WIN FOR THE U.S.' as World Trade Organization opens an investigation into his trade war with China
The World Trade Organization formally opened an investigation into his trade war with China, Bloomberg reported Monday, possibly prompting the president's declaration.
Trump said in one of his morning tweets: 'Tariffs on the 'dumping' of Steel in the United States have totally revived our Steel Industry. New and expanded plants are happening all over the U.S.
'We have not only saved this important industry, but created many jobs. Also, billions paid to our treasury. A BIG WIN FOR U.S.'
Trump's steel and aluminum tariffs affect most countries, including China, with the notable exceptions of Argentina and Australia.
China retaliated with tariffs of its own on U.S. goods that Trump responded to with more penalties that he promised to double if the two nations cannot reach a formal agreement.
If a deal is not reached with Beijing by March 1, the president has said he'll slap another $200 billion in taxes on exports from China.
A new round of talks with Beijing is talking place this week in Washington.
Chinese Vice-Premier Lui He and a delegation will meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin on Jan 30 and 31.
Commerce Secretary Wilbur Ross said last week that the U.S. and China are 'miles and miles' away from a deal as he noted in a CNBC interview that the nations have 'lots and lots of issues' to discuss.
'We would like to make a deal but it has to be a deal that will work for both parties,' he said. 'We're miles and miles from getting a resolution.'
A trade deficit of $323.3 billion separates the two nations, the network reported, which makes it the largest gulf since 2006.
The president's top economic adviser, Larry Kudlow, said that the talks with Liu He will determine whether a deal can be made by the end of the 90-day detente that Trump and China's Xi Jinping agreed on at the end of the G20 summit.
Kudlow told Fox News that President Trump remains optimistic.
Even as he has regularly promoted the president as a free trader who wants no tariffs, President Trump has repeatedly said he'd be fine with leaving the ones he enacted last year in place.
Trump earlier this month at a Rose Garden press conference boasted that he'd taken 'billions and billions of dollars in tariffs from China, and from others' to the great benefit of the United States.
'Our steel industry has come roaring back, and that makes me very happy. I think we'll have to build a steel wall, as opposed to a concrete wall, because we have steel companies again. There's something awfully nice about that sound,' he asserted.