After U.S. officials suggested on Friday that a phase one deal to neutralize a more than 15-month long trade war with China could be finalized this month, President Trump indicated the U.S. will soon reap a massive profit.
During a rally in Tupelo, Mississippi, Trump said that as a result of the negotiations with Beijing, the U.S. Treasury is going to be raking in a lot of extra cash.
“We will have, pretty soon, over $100 billion in money paid into the United States Treasury by a country that never gave us 10 cents – they only took,” Trump said.
In addition, Trump said the tariffs are adding billions of dollars to the U.S. economy, a portion of which has gone to U.S. farmers -- who have been hurt by the trade war -- because China "targeted the farmers because they know the farmers love Trump and Trump loves the farmers."
Earlier Friday, the Chinese Commerce Ministry said the two countries had come to a consensus on principles during trade discussions. President Trump told reporters on Friday before departing the White House that he may sign the phase one deal in Iowa, which would be fitting since the president has reiterated that the agreement will help U.S. farmers.
The full trade agreement is expected to play out over the course of three phases, White House trade adviser Peter Navarro told FOX Business on Friday.
Trump added that the Chinese economy had its worst year in 57 years and their supply chain is broken up like “scrambled eggs” – as a result – Chinese leaders are “not liking him” too much.
At the beginning of his speech, Trump once again touted the performance of the stock market which saw the S&P 500 and the NASDAQ reach all-time highs. The surge came about in part of a strong jobs report which saw the U.S. economy add 128,000 jobs in October – exceeding expectations and signaling strength among domestic employers despite the ongoing trade war.