PRESIDENT TRUMP: When I was president, we imposed historic tariffs, and prices did not go up AT ALL. Even Joe Biden’s own Treasury Secretary says the China tariffs do not raise prices for consumers. They hurt China, not America—that’s why the Biden administration had no choice but to leave them in place. In my next term, I will revoke China’s Most Favored Nation Trade Status. I will pass the Trump Reciprocal Trade Act. If China or any other country makes us pay a 100 or 200 percent tariff, we will make them pay a reciprocal tariff of 100 or 200 percent right back. You hurt us, we hurt you! Eye for an Eye.
Video transcript
-And when I was president, we imposed historic tariffs and prices, and we did it all. We did it all. Prices didn't go up. Everybody said, "Oh, if you do that, prices." No, the country made less money. That's what happened. Gave us tremendous political leverage over those countries, too, for things having nothing to do with economics. They heard China, not America. That's why the Biden administration had no choice but to leave them in place. They've left them in place. They wanted to take them off. But so much money comes in from China and other places with the tariffs that I put on, the Joe Biden, as much as he wanted to do his friends a favor, couldn't do them too much money. You couldn't justify it. There was no way to justify it. And my next term, I will revoke China's most favorite nation trade status. It's very unfair. And, by the way, I have great respect for President Xi. I think China and the United States will get along well together. Until COVID came in, that was a step too far. But I had a great relationship with President Xi. I had a great relationship with most of the leaders. I'll pass the Trump Reciprocal Trade Act so that if China or any other country -- it's not just China -- the European Union treats us very badly. Nobody knows that very badly. We have a $250 billion deficit now with the European Union. But if China or the European Union, if any other group of countries or country makes us pay a 100% or 200% tariff or tax, we will make them pay a reciprocal tariff or tax of the exact same amount. So it's basically you hurt us, we hurt you. It's an eye for an eye, and it's common sense.
Transcribed automatically. Expect errors in names and numbers.