President Donald Trump on Friday appeared to accuse companies of falsely claiming that they’ve been hurt by his escalating trade war with China, instead saying they’re mismanaging their businesses.
“If the Fed would cut, we would have one of the biggest Stock Market increases in a long time. Badly run and weak companies are smartly blaming these small Tariffs instead of themselves for bad management…and who can really blame them for doing that? Excuses!” Trump wrote on Twitter Friday.
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Trump’s comments come just days before the U.S. is set to impose new tariffs on China in two rounds, with the first due to start on Sept. 1. The 10 percent tariff on approximately $112 billion of Chinese goods would likely raise prices for consumer items like electronics and shoes.
In one example of corporate America complaining about Trump’s trade war, the Footwear Distributors and Retailers of America wrote a letter to the president this week stating that the planned tariffs would drive up costs for consumers.
“Imposing tariffs in September on the majority of all footwear products from China — including nearly every type of leather shoe — will make it impossible for hardworking American individuals and families to escape the harm that comes from these tax increases,” the…