Trump may slap tariffs on all $505 bn of Chinese imports

Trump may slap tariffs on all $505 bn of Chinese imports

In the latest trade salvo, Trump said he was ready to impose tariffs on all $500 billion of imported goods from China.

The Wall Street Journal noted that Mr Trump's comments had an immediate impact on global markets, sending the stocks lower.

"I'm ready to go 500", U.S. network CNBC quoted the President as saying on the $505.5 billion worth of Chinese imports into the United States in 2017.

"Many things. A toughness of attitude would prevail", Trump said.

"We've been ripped off by China for a long time", he added.

In the full interview released today, Trump reiterated his claim that the United States is "being taken advantage of" on issues including trade policy. Yet he said he has not pushed the tariffs out of any ill will toward China. "He doesn't want to move, and they've offered the USA options regarding the issue of [intellectual property] theft and forced technology transfer".

Republican North Dakota Gov. Doug Burgum said soybean growers in his state have an enormous stake in the US trade confrontation, as commodities markets recoil from the threat of retaliatory tariffs. "And I told that to President Xi", he added, referring to his Chinese counterpart Xi Jinping.

The White House in June threatened to extend punishing U.S. duties progressively to up to $450 billion in Chinese imports. Smaller companies tend to do better than larger ones when trade tensions flare up because they do a greater proportion of their sales in the US. In the 1980s, the then-real estate mogul railed against the US's trade deficit and warned of "other countries ripping off the United States".

About $US505 billion ($680.3 billion) of Chinese goods were imported to the US in 2017, leading to a trade deficit of almost $US376 billion ($506.5 billion), US government data showed.

Yet President Trump soon intensified his tariff threats anyway.

"But it could be that all we end up with is a lot of tariffs globally and a lot of other types of protectionism globally".

China will likely retaliate if additional tariffs are imposed, economists note, rather than simply knuckle under. But this is the first time that he spoke of targeting every dollar of imports from China.

"It gets damaging when you get into these very frictional relationships where people are trying to measure this tariff or that tariff", said Democratic Gov. John Hickenlooper of Colorado. "Look, I'm not doing this for politics".

"China, the European Union and others have been manipulating their currencies and interest rates lower, while the United States is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge", Trump complained in one tweet. The Trump administration has already begun placing tariffs on $50 billion worth of Chinese goods and threatened to put levies on $200 billion more of imports. The dollar fell and bond yields rose.

In reality though, when it comes to the Yuan's recent fall against the Dollar, Trump largely has himself to blame for creating an atmosphere of negative speculation against the Chinese economy due to his tariffs and threats of many more tariffs. The Chinese government could also make it harder for USA companies to operate in China.

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