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

Global markets are falling late on Friday morning after US President Donald Trump threatened to levy new tariffs on more than $500 billion of goods from China. "I want them to do well", the agency quotes the president as saying. "I'm ready to go to 500". China imports only $129.9 billion of USA goods, which leaves it little room for a tit-for-tat response. A weaker United States dollar leads to higher exports.

Trade discussions aimed at defusing tensions between the USA and China have stalled, and Treasury Secretary Steven Mnuchin said the US would only be willing to get back to the table if China agrees to deepen structural changes to its economy.

The Trump administration imposed tariffs on $34 billion worth of Chinese products last month, which China quickly matched with tariffs on the same value of American goods.

"I'm not doing this for politics, I'm doing this to do the right thing for our country".

"We're down a tremendous amount", Trump told CNBC's Joe Kernen in a "Squawk Box" interview recorded Thursday, about trade imbalances with China. It would hurt both countries, but China's "state-run government can do more to artificially prop up its economy" and a cratering US economy would nearly surely hurt Trump's presidency.

"China, the European Union and others have been manipulating their currencies and interest rates lower", Trump wrote on Twitter. "As usual, not a level playing field", Mr Trump said. According to some analysts, China could take some other steps to tackle the USA trade attack, including cutting U.S. investments, rejecting the country's oil and gas, dumping the U.S. state debt, as well as devaluing the yuan.

"Tightening now hurts all that we have done".

"The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals", he wrote.

Wall Street Journal Global Economics Editor Jon Hilsenrath discusses how tariff threats and trade fears could impact economic growth.

"The risk that current trade tensions escalate further with adverse effects on confidence, asset prices and investment is the greatest near-term risk to global growth", International Monetary Fund chief economist Maury Obstfeld told a news conference.

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