Trump threatens tariffs on all US$505 billion of Chinese imports


21 July, 2018

'As usual, not a level playing field, ' he wrote in the first of a pair of tweets. Soybeans were the United States' biggest agricultural export to China, worth $12 billion a year ago.

A top Federal Reserve official, meanwhile, warned the trade war could hurt the USA economy.

The view that China and the euro area are manipulating their currencies contradicts the Treasury's own currency report, which found in April that no major US trade partner is gaming its exchange rate. "Debt coming due & we are raising rates - Really?"

As American farmers start to wonder how much President Donald Trump's trade war with Beijing could cost them, China's government has a cartoon soybean ready to answer their questions.

That would equal the amount of annual Chinese exports to the USA for the year.

On Chinese tariffs, Trump said he was "ready to go to 500", referring to the roughly $505 billion (€431 billion) in Chinese goods imported to the United States a year ago.

Lashing out on Twitter, Mr Trump said "China, the European Union and others have been manipulating their currencies and interest rates lower".

ASIA'S DAY: Earlier, before Trump's comments were aired, most Asian markets finished higher.

"If the administration continues forward with its misguided and reckless reliance on tariffs, I will work to advance trade legislation to curtail presidential trade authority", Hatch said. As he said he considers the Federal Reserve Board Chair Jerome Powell a very good man and that he is not interfering with Fed policy decisions, ' according to a statement from the White House following broadcast of the interview.

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President Donald Trump is showing that no economic-policy tradition is sacred in his pursuit of faster growth and lower trade deficits.

"I'm not thrilled. Because we go up and every time you go up they want to raise rates again".

Trump defended his comments to CNBC by saying he is "just saying the same thing that I would have said as a private citizen".

During his presidency, Richard Nixon had pressured the chairman of the Federal Reserve into keeping rates low, a fact revealed on the tapes he infamously used to record this and thousands of hours of other conversations.

"One of the hallmarks of our great American economy is preserving the independence of the Federal Reserve".

Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018.

"They're picking the wrong customer, I'll tell you that - you know how intense he is on this issue", he said, adding: "Xi seems to think if he waits out the November elections, Trump will be weakened and therefore will lighten the bite".

'I'm not happy about it. I want them to do well.

When asked about the stock market possibly falling if the United States imposes duties on such a large amount of goods, Trump told CNBC: "If it does, it does".

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