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

Cornelia Mascio
Luglio 20, 2018

President Trump on Friday said he's ready to slap tariffs on every Chinese good imported to the USA, threatening in an interview to escalate the current trade war with Beijing.

In a statement to news channel CNBC, the US President said, "I'm ready to go 500", alluding to the United States dollars 505.5 billion in Chinese imports into the US in 2017.

"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.

Earlier this month, the United States imposed tariffs on US$34 billion of Chinese imports. China has so far met USA tariffs with equal retaliatory tariffs, but with only $130 billion in US goods exported to China, it's not possible for President Xi Jinping it to match tariffs on a half-trillion dollars of products. USA export duties on Chinese products came into force on July 6 with China retaliating hours later. The administration has also released a list of 10 per cent tariffs on an additional US$200 billion of Chinese goods, which could take effect as early as next month.

When asked about the stock market possibly falling if the United States imposes such a large amount of duties, Trump said: "If it does, it does".

Along with pressing Chinese leaders to shrink the deficit, Trump's administration has accused China of engaging in unfair trade practices by forcing American investors to turn over technologies to Chinese firms.

Trump's threat comes as the trade war with China threatens to go into overdrive. "I want them to do well", the agency quotes the president as saying.

"No matter what the elections are, he's not going to let go of this issue", Kudlow said. European auto shares fell on Friday in response to Trump's China comments.

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