Trump aims to temper concern over China tariffs: ‘We are right where we need to be’

President Trump insisted Sunday that the U.S. is “right where we need to be” regarding trade with China after the administration imposed a new round of tariffs last week.

“Remember, they broke the deal with us & tried to renegotiate. We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA (ideal), or buy it from non-Tariffed countries,” Trump tweeted Sunday afternoon.

“We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total Tariffs received, and distribute the food to starving people in nations around the world!” he added.

….We will then spend (match or better) the money that China may no longer be spending with our Great Patriot Farmers (Agriculture), which is a small percentage of total Tariffs received, and distribute the food to starving people in nations around the world! GREAT! #MAGA

— Donald J. Trump (@realDonaldTrump) May 12, 2019

{mosads}Negotiations between the U.S. and China broke down last week, prompting the U.S. to hike tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports after Beijing officials  reportedly backtracked on their commitment to issues such as theft of intellectual property.

White House economic adviser Larry Kudlow said the administration expects retaliation by the Chinese, adding that Trump will likely meet with Chinese President Xi Jinping and continue negotiations in June.

Kudlow contradicted Trump in the same interview, agreeing with Fox News’s Chris Wallace that tariffs are paid by American importers rather than the Chinese. “Fair enough. In fact, both sides will pay in these things, and of course it depends,” Kudlow said. “But the Chinese will suffer [gross domestic product] losses and so forth with respect to a diminishing export market and goods that they may need.”