They charge us, we charge them, we charge them less. So how can anybody be upset? They will be, because we never charged anybody anything. But now we're going to charge.
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We will charge them approximately half of what they are and have been charging us.
We're going to be charging [China with] a discounted reciprocal tariff of 34 percent.
From 1789 to 1913 we were a tariff-backed nation, and the United States was proportionately the wealthiest it has ever been.
Then in 1929 it all came to a very abrupt end with the Great Depression. And it would have never happened if they had stayed with the tariff policy.
If you want to build cars in the world, then I wish you all the best. You can build cars for the United States, but for every car that comes to the USA, you will pay 35% tax. I would tell BMW that if you are building a factory in Mexico and plan to sell cars to the USA, without a 35% tax, then you can forget that.
I fully understand the One-China policy. But I don't know why we have to be bound by a One-China policy unless we make a deal with China having to do with other things, including trade.
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