US industry billionaire Charles Koch warned that President Donald Trump’s policies could lead to economic stagnation, while the White House says its actions are beginning to bear fruit.
In an interview with reporters in Colorado, Koch criticized the trade wars that Trump had entered into, stressing that the president’s trade policy of imposing tariffs on products in a number of countries to protect domestic products could hurt the US economy itself.
Trump has imposed billions of dollars in fees on Chinese and Canadian goods, and has threatened to impose billions more on Washington’s European allies.
The White House announced last week that it would provide $ 12 billion of the country’s budget to help farmers pay customs duties on their goods.
Commenting on Koch’s remarks, Trump’s deputy spokeswoman Lindsay Walters said Trump supports free trade, so he believes all countries should get rid of unfair practices and apply zero-tariff, zero-tariff and zero-support policies.
She said the president would continue to crack down unless other countries stopped “unfair trade practices” in reference to US tariffs.
Trump said recently that his duties on goods from a number of countries had reduced the country’s trade deficit by billions of dollars and said the country’s economic growth could rise to 8 or 9 percent if it could solve the deficit crisis.