Trump: US trade strategy's intent is to create jobs
President Donald Trump pushed forward his ideas on U.S. trade on Tuesday, promoting reciprocal taxes and reiterating that it is his intent to create jobs.
“The price may be higher, but what is better, a lower price and no jobs, or a higher price and jobs?” Trump said during a meeting with lawmakers at the White House.
They were discussing the potential for sweeping tariffs stemming from the Section 232 investigation into steel and aluminum imports into the U.S.
In keeping with his “America First” theme, he cited countries that impose steep taxes on imported U.S. goods while the U.S. permits imports tax-free.
Trump cited Harley Davidson (NYSE:HOG) and India, noting that India puts a huge tax on Harley Davidson products, while America permits imports from India into the U.S. without any taxes.
To rectify the situation, Trump said, there should be reciprocal taxes that would encourage other countries to reduces their levies to zero, advancing free trade.
Regarding the steel and aluminum industry, Trump said the Section 232 investigation and the potential of putting tariffs on steel and aluminum imports “will create jobs.”
Section 232 of the Trade Expansion Act authorizes the Commerce Department to investigate the effect of imports on national security.
But Trump also said he “wants to hear from both sides before making a trade decision.”