President Donald Trump is vowing to slash the nation’s multi-billion dollar trade deficit with China by imposing new tariffs on Chinese goods.
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“There is no trade war. They’ve taken so much,” Trump said in an interview on Fox News’ “Fox and Friends” on Friday.
U.S. Commerce Secretary Wilbur Ross said the United States is closing gap in the staggering trade deficit between the two countries.
“We’re regaining territory very rapidly,” he told FOX Business’ Lou Dobbs on Friday.
Ross said the Trump administration’s tariffs against China are designed to target intellectual property theft and high tech trade.
“We’ve had an increasing deficit in high tech trade with China year after year for many years now using materials stolen from the U.S.,” he said.