Donald Trump says he’s ‘the chosen one’ to take on China over trade
- US president tells reporters his life would be easier if he had not started trade war with Beijing, but says he believes deal is still possible
- Congressional researchers warned that Trump’s tariffs will reduce US economic output by 0.3 per cent in 2020
US President Donald Trump said on Wednesday that he was “the chosen one” to address trade imbalances with China, even as congressional researchers warned that his tariffs would reduce US economic output by 0.3 per cent in 2020.
Trump told reporters his life would be easier if he had not mounted a trade war with China. But he defended his actions and said he believed a trade deal between the world’s largest economies was still possible.
“I am the chosen one … so I am taking on China. I’m taking on China on trade. And you know what? We’re winning,” Trump said.
Trump acknowledged for a second consecutive day that the trade war with China could harm the US economy, although he insists a recession is not on the horizon.
The non-partisan Congressional Budget Office on Wednesday became the latest independent institution to warn about the consequences of tariffs Trump has ordered imposed against China and a host of other countries.
The CBO said changes in US and foreign trade policies since January 2018 will reduce inflation-adjusted US gross domestic product by 0.3 per cent from what it would be otherwise in 2020.