North American Free Trade Agreement (NAFTA)

Expert Voices

As trade gap with China widens, Trump's strategy is isolating the U.S.

US Treasury Secretary Steven Mnuchin (C) walks through a hotel lobby as he heads to the US embassy in Beijing on May 3, 2018.
Treasury Secretary Steven Mnuchin heading to the U.S. embassy in Beijing for trade talks on May 3, 2018. Photo: Greg Baker/AFP via Getty Images

The Trump administration remains determined to double down on its China trade strategy by escalating tariffs from 10% to as much as 25% on consumer goods, electronics and automobiles by the end of the year. The strategy aims to further reduce America's $500 billion in annual imports from China.

The big picture: While this may cost China as many as 2 to 3 million jobs, it's not clear that it will reduce China’s overall exports. In fact, Trump’s trade war is exacerbating the trade deficit. Perhaps most troublingly for long-term U.S. economic growth, it's steering Asian countries — and their billions of consumers — toward non–U.S. trading partners.

The takeaways from Trump's "60 Minutes" interview

Screengrab: "60 Minutes"/CBS

President Trump sat down for a lengthy interview with Lesley Stahl on CBS' "60 Minutes," discussing a wide variety of topics from climate change to foreign policy to the Mueller investigation.

The big picture: Trump was discursive — and often combative — while defending some of his administration's most controversial policies, including family separation at the border. He ended one particularly tense exchange with Stahl by reminding her, "Lesley, it's okay. In the meantime, I'm president — and you're not."

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