President Donald Trump defended the tariffs that have inflamed US tensions with China and Europe. He believes these duties were working well and imported goods should either be taxed or they should be made in the US. He also suggested duties enable US to pay down considerable amounts of the $21trillion debt that has been accumulated while reducing taxes for Americans.
The Congressional Budget Office predicts that the cuts, when combined with new federal spending, will push the US budget deficit to $1 trillion in 2020. That’s forced the US Treasury to lift note and bond sales to levels last seen in the aftermath of the recession that ended in 2009. Stating that the tariffs have had a tremendous impact on the US steel industry, Trump expressed his desire to open six or seven new steel mills.
