Trump threatens to slap tariffs on all $505 bn of Chinese imports

Darnell Taylor
July 20, 2018

Beam, who says he supported President Donald Trump in the 2016 presidential election, also says he's taken a hit from the steel tariffs the president has lobbed at not only China, but also American allies.

Trump said in an interview with CNBC that the U.S.is "down a tremendous amount" in terms of trade with China saying that China "can't match us because otherwise we're always going to be behind the 8-ball". "We've been ripped off by China for a long time", he added.

The U.S. has identified a further $200 billion in Chinese goods the U.S. may target for tariffs, for a total of $250 billion. In return, China levied taxes on the same value of US products. S&P stock-index futures declined along with the Stoxx Europe 600 gauge after Trump's comments aired.

The US and China have already imposed tit-for-tat tariffs of $34bn on each other's goods.

On Friday, the yuan dipped to a 12-month low of 6.8 to the dollar, off by 7.6 percent since mid-February.

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Earlier this month, the United States imposed tariffs on US$34 billion of Chinese imports.

With trade tensions rising, so is the pushback in the USA from private business that see potentially devastating ramifications, not only from China, but from Europe, Canada, and other countries in Asia.

"We're down a tremendous amount", said Mr Trump, reiterating his view that China's trade surplus with the United States amounts to unfair trading practices.

In the same interview, taped Thursday at the White House, Trump broke with a long-standing tradition at the White House and voiced displeasure about recent actions at the U.S. Federal Reserve. In particular, the Fed's most recent rate hikes could dilute some of the benefit of the tax cuts Trump signed into law previous year.

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