The daily business briefing: June 11, 2019

Trump renews China tariff threats, Trump says the Fed is hurting the economy, and more

Chinese shipping containers
(Image credit: MARK RALSTON/AFP/Getty Images)

1. Trump shifts trade threats back to China after Mexico deal

President Trump, fresh off a deal suspending threatened tariffs in exchange for an anti-immigration crackdown by Mexico, returned his focus to China trade policy on Monday, renewing his threat to raise levies on $300 billion in goods imported from China. "People haven't used tariffs, but tariffs are a beautiful thing when you are the piggy bank, when you have all the money. Everyone is trying to get our money," Trump told CNBC. Trump said his proposed tariffs forced Mexico to get tougher on undocumented migrants trying to get into the U.S., and would work on China, too. "The China deal is going to work out," he said. "You know why? Because of tariffs." Geng Shuang, spokesman for China's Ministry of Foreign Affairs, said Beijing does "not want a trade war, but we are not afraid of fighting one," adding, "If the U.S. is ready to have equal consultations, our door is wide open."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.