SALT LAKE CITY, Utah- (ABC4 News) – We’ve been seeing some wild swings as the stock market responds to trade battles with China.
The White House says it’s a winning strategy.
“Absent the tariffs that had been put in place on China, China would never have come to the bargaining table and advanced this far in those negotiations,” White House Office of Trade Director Peter Navarro.
Senator Mitt Romney says the president was right to take on China.
“China has been stealing our technology, stealing our know-how and by virtue of that stealing our jobs. It’s been going on for a long time, the president said enough of that,” said Romney, (R) Utah.
Romney says tariffs are the most effective weapon in the battle, but he’d like to see a different approach.
“I would have preferred if he would have linked arms with the other nations of the world, the other free nations, so we collectively could have gone in and pushed on China. I think that would have given us more leverage, but you know, he has his own negotiating style and we’ll see how that proceeds,” he said.
The senator says he’s hopeful China will finally be forced to play by the rules the rest of the world does.
As for talk of a recession, Romney says he doesn’t see it.
“I don’t think we’re going to have a recession, not immediately. Some day we probably will because we have them from time to time, but I don’t think there’s a reason for an immediate recession,” Romney said.
Perhaps a slow down, but Romney expects the economy to remain relatively strong.
“I say that because we had a huge corporate tax cut, which means a lot more money going into the economy. We had individual tax cuts, again more money going into the economy,” said Romney.
The senator says he has found there is not a big appetite to slow down the spending in Washington.
However, he is working on a proposal with a Democratic colleague to rein it in and reduce the national debt.
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