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.

Related News:



Most liked

Sri Lanka vs South Africa, 2nd Test, Day 1
Afterwards, du Plessis, the South Africa captain, said, "we've only ourselves to blame,". We need to get to that number one position in Test cricket".

New York State Opens Tax Probe Into Trump Foundation
The current investigation deals with possible violations of New York State tax laws, but details have yet to come out. Trump famously refused to reveal the information in his tax returns while he was running for office.

Tour de France 2018: Former champion Vincenzo Nibali abandons after freak crash
He tried a similar move in the Tour of Flanders, which ultimately opened the door for Niki Terpstra's solo win. The action from Bourg-Saint-Maurice to Alpe d'Huez will be broadcast live on NBC Sports Network.

'Several hurt' in stabbing on German bus
Witnesses told the paper that the attack happened in Kücknitz neighborhood on a public bus en route to Travemünde. Authorities have not yet confirmed the suspect's motive, but prosecutors said they had not ruled out terrorism.

Kisner first round leader in benign Open conditions
This came after concerns about his neck - he was seen sporting two strips of black kinesiology tape before teeing off. But it did nothing to change the state of Woods' latest comeback, which remains stalled deep into the golf season.

Putin Receives Invitation From Trump to Visit Washington Despite Summit Uproar
The issue, titled "The Summit Crisis", comes in the wake of the two leaders' controversial meeting in Helsinki, Finland on Monday. Bloomberg said Putin was proposing a ballot of residents on the status of the two territories, carried out under global auspices.

Early dinner may lower risk of breast, prostate cancer
The study was the first to analyse the association between cancer risk and the timing of meals and sleep. "Wear a seat belt". Though 7 percent of the subjects also had after-supper snacks, the study focused on full meals, Kogevinas said.

IOC adds 7 medal events to 2022 Beijing Winter Games
Beijing will also represent the highest number of women at an Olympic Winter Games and the highest number of events. In parallel, the event programme and athlete quotas for existing sports will also be finalised in December 2020.

Comey urges voters to support Democrats in fall
I need no better evidence than their new website - which I think is "Lyin Comey, ' maybe? - attacking me. A Republican for most of his adult life, Comey recently said he now considers himself an independent.

Leicester looking to sign Danny Ward to replace Chelsea target Kasper Schmeichel
Danny was expected to be involved in tonight's friendly against Blackburn but instead he will join Leicester in a £10M deal. He is reportedly in talks with Leicester City over a permanent move as Liverpool's goalkeeping reshuffle intensifies.

Police found remains every day at suspected serial killer burial site
The majority of the alleged victims were men with ties to Toronto's gay community, many of whom had been missing for years. She said dental comparisons and DNA screening could take several weeks to complete if deemed necessary.

Woods finds Open return a pain in the neck
The 18th has been called the scariest on The Open rota and is arguably the toughest finishing stretch in all championship golf. Rickie Fowler is looking to claim his first major championship at Carnoustie and keep the tradition alive.

Trump expects 'big results,' including North Korea, after Putin summit
But he also said that "other people" could have been involved, a statement echoing past remarks casting doubt on Russia's role. Facing anger upon his return stateside Trump sought to walk back his remarks in an extraordinary postscript to the meeting.

Trump criticizes Federal Reserve, breaking long-standing practice
The Fed has raised interest rates five times since Trump took office in January 2017, extending the campaign it began in 2015. Trump called Powell "a very good man" but worries that the work the administration has done will be nullified, CNBC reported.

Meghan Markle's Half-Sister Launches Stunning Attack On The Duchess
Every family has that one person - or that whole side of the family - that the rest of the family wishes would just shut up. Originally titled The Diary of Princess Pushy's Sister , it's now been changed to In The Shadows of The Duchess .