Trump says China giving US a gift in tariff payments

President Trump on Tuesday declared China is giving the United States a gift through the tariffs placed on its goods.

"Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of billions of dollars that the U.S. is receiving is a gift from China," Trump tweeted Tuesday. "Prices not up, no inflation. Farmers getting more than China would be spending. Fake News won’t report!"

The Trump administration has levied 25 percent tariffs on $250 billion worth of Chinese goods and is preparing to slap a 10 percent tariff on $300 billion worth of Chinese goods, beginning Sept. 1.

The U.S. has collected $63 billion from the tariffs through June, which are paid for by the companies who import their goods into the U.S.


Tuesday's tweet comes just more than a week after the Chinese yuan fell below seven per dollar for the first time in over a decade, prompting the Treasury Department to name China a "currency manipulator."