Trump Turns Up the Heat on China Over Trade: 'When You're Already $500B Down, You Can't Lose!'

WASHINGTON — President Donald Trump says America isn't in a trade war with China because we lost that war long ago. Instead, he says he's trying to restore fairness by correcting America's trade deficit with China.

"When you're already $500 billion down, you can't lose!" the president tweeted.

When you’re already $500 Billion DOWN, you can’t lose!

— Donald J. Trump (@realDonaldTrump) April 4, 2018

Speaking at a tax reform roundtable in West Virginia Thursday, he said, "We can't continue to allow this to happen where hundreds of billions of dollars is taken out of our country and our system."

Trump has asked his US trade representative to consider slapping an additional $100 billion in tariffs on Chinese goods. That's on top of $50 billion in tariffs he announced earlier this week.

"We can't be taken advantage of any longer," the president said.

That prompted China to announce it was taxing $50 billion worth of American goods, including a number of agriculture products like soybeans, beef and corn along with planes, cars and chemicals.

It's a tit-for-tat between the world's two largest economies that's raising fears of a trade war – a worry that's hit stocks hard and has many farmers especially concerned. 

But White House officials say Americans shouldn't be worried because neither country has actually taken action yet.

"Technically both countries have just proposed tariffs. There's nothing enacted," Larry Kudlow, director of the National Economic Council, told reporters at the White House Thursday.

Instead of going into effect immediately, the president's tariff proposals will be put out for public comment for a period of months, giving the two sides plenty of time to negotiate.

"China created this problem, not President Trump. We have a president who is finally willing to stand up and say enough is enough. We're asking China to stop unfair trade practices," White House Press Secretary Sarah Huckabee Sanders told reporters at the press briefing.

Heading into the midterm elections some conservatives worry all this trade talk will distract Americans from the improving economy and benefits people are feeling from the Trump tax cuts.

"I'm already using my extra money to spoil my grandsons a little bit more," said Ann Macomber, a West Virginian speaking at the roundtable with the president.

White House officials say the president's goal is growing the economy, and if Trump can tear down trade barriers and get both sides to play by the rules, this can have a great ending.