We're going to be charging [China with] a discounted reciprocal tariff of 34 percent.
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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.
We will charge them approximately half of what they are and have been charging us.
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.
You know, somebody said, 'Oh, the shelves are going to be open.' Well, maybe the children will have two dolls instead of 30 dolls. So maybe the two dolls will cost a couple bucks more than they would normally [Trade war with China].
From 1789 to 1913, we were a tariff-backed nation and the United States was proportionately the wealthiest it has ever been. So wealthy, in fact, that in the 1880s, they established a commission to decide what they were going to do with the vast sums of money they were collecting.
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