The White House downplayed the huge drop in the stock market Friday, saying President Trump’s tough trade policy for China would pay off in the long term.
The Dow Jones industrial average had plummeted more than 700 points, or 3 percent, on fears of a trade war after Mr. Trump on Thursday proposed $100 billion more in tariffs on Chinese goods.
“We know that there could be some fluctuation, but at the same time the president has said enough is enough, China has to change this illegal and unfair practice,” said White House press secretary Sarah Huckabee Sanders.
She defended the president’s move as long overdue and justified in confronting China’s unfair trade practices and theft of intellectual property.
“Frankly, we shouldn’t be in this situation,” she said. “Previous administrations should have stepped up and tried to stop these actions long before today. But thankfully we have a president who is willing to stand up, be tough and take some courageous and bold action.”
Mrs. Sanders said that the administration did not want the dispute to become a full-blown trade war.
“This is something China created and President Trump is trying to fix it,” she said.
The order to review $100 billion in tariffs follows a tit-for-tat exchange in which the U.S. and China both proposed $50 billion lists of goods to target with tariffs.
None of the measures immediately take effect. Mr. Trump has said he wants to negotiate better trade relations, but China has to change its ways.
• S.A. Miller can be reached at smiller@washingtontimes.com.
Please read our comment policy before commenting.