President Donald Trump on Friday claimed that companies who have pushed back against his escalating trade disputes have done so in an attempt to shift blame away from “badly run and weak companies.”
“Badly run and weak companies are smartly blaming these small Tariffs instead of themselves for bad management…and who can really blame them for doing that? Excuses!” the president wrote on Twitter, without providing further evidence.
Trump also claimed that “we would have one of the biggest Stock Market increases in a long time” if the “Fed would cut” interest rates.
….We don’t have a Tariff problem (we are reigning in bad and/or unfair players), we have a Fed problem. They don’t have a clue!
— Donald J. Trump (@realDonaldTrump) August 30, 2019
The president has sought to blame others for backlash over his trade wars with China and other trading partners, which have fueled concerns about slowing growth in the US and fears of a looming recession.
American companies have complained that the stiff tariffs have put extra strain on manufacturers as the sector has slowed.
Business Insider reports:
Hundreds of companies testified before US trade officials this year to push back against tariffs, which they said would raise prices and threaten jobs at home. Retaliatory measures have also hurt Americans, causing particular pain among farmers and those who rely on access to China’s market.
The Trump administration has struggled to win trade concessions from China over the past year, casting uncertainty on the prospect of a deal to defuse tensions. The two sides raised tariffs on each other’s products this month and announced plans to significantly broaden their lists of targeted products on September 1 and December 15.