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

"We're down a tremendous amount", Mr. Trump told CNBC in an interview broadcast Friday, referring to USA trade with China.

In a statement to news channel CNBC, the US President said, "I'm ready to go 500", alluding to the Dollars 505.5 billion in Chinese imports into the US in 2017. "Look, I'm not doing this for politics". "We have been ripped off by China for a long time and I told that to President Xi", Trump said.

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". However, such a maneuver could also reignite an outflow of capital Beijing spent months trying to stanch.

Over the past three years, Beijing has gradually widened the narrow band in which the yuan is allowed to fluctuate, though regulators intervene regularly to guide its movement.

There is already pushback in the US from businesses that will take a hit in an escalating trade war.


USA is "being taken advantage of" on many fronts, including trade and monetary policy, according to Trump, who stressed that he had not introduced the tariffs out of any ill will towards Beijing.

Auto tariffs would escalate global trade tension dramatically: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports.

The magnitude of the imbalance has continued into 2018, with Chinese imports totaling $205 billion in the first five months of the year and the deficit reaching $152 billion.

Trump's assertions, made in a series of morning tweets, came a day after he broke with decades of traditional White House silence on Federal Reserve decisions, criticizing the nation's independent central bank for raising interest rates during a television interview.

Its rate increases are meant to prevent the economy from overheating and igniting high inflation - but the hikes also make borrowing costlier and can weaken the pace of growth.

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