President Trump on Friday tweeted that "trade wars are good."
Despite widespread criticism and stock market turmoil after his Thursday remarks on trade tariffs, President Trump is defending the move on Twitter.
"When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don't trade anymore-we win big. It's easy!" Trump wrote in a series of tweets on Friday. "We must protect our country and our workers. Our steel industry is in bad shape. IF YOU DON'T HAVE STEEL, YOU DON'T HAVE A COUNTRY."
"When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice!" the president continued.
According to The Hill, "Trump said he will announce tariffs of 25 percent on imported steel and 10 percent on aluminum from all countries that send their metals to the United States."
Shortly after the president's announcement, the stock market dropped more than 400 points over fears of a new trade war.
