Daily Trends Now
Daily Trends Now


Trump threatens tariffs on all $500B of Chinese imports

The IMF projects the US trade deficit will widen as tax cuts and spending increases enacted this year stoke demand for imports.

He said the Fed's course of tightening monetary policy "now hurts all that we have done".

Hoping to keep a lid on inflation as the world's largest economy gathers pace, the Fed has raised its benchmark lending rate seven times since 2015 and expects two more rate hikes this year. In particular, the Fed's most recent rate hikes could dilute some of the benefit of the tax cuts Trump signed into law previous year.

Trump has been on a mission to reduce the US$552-billion USA trade deficit and rebuild the nation's manufacturing sector. "Debt coming due & we are raising rates - Really?" Trump has already imposed tariffs on $34 billion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports.

"I'm ready to go 500", the Republican leader told the U.S. network CNBC, referring to the US$505.5 billion (RM2.055 trillion) in Chinese imports accepted into the United States in 2017.

"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", Powell said.

The White House in June already threatened to extend punishing USA duties progressively to up to US$450 billion in Chinese imports. The administration July 10 announced a second possible round targeting $200 billion worth of goods. Soybeans were the United States' biggest agricultural export to China, worth $12 billion past year. "I want them to do well".




Even though he's frustrated, Trump said he's "letting them do what they feel is best". But in the CNBC interview, the president said he was seeking to do only what's fair. "But it was very unfair".

-China trade war and a host of other conflicts that Trump has ignited between the United States and key trading partners, including Canada and the European Union.

The growing share of worldwide trade under threat has raised the prospect the escalating trade war could harm the global economy by disrupting companies supply chains, pushing firms to hold off on investments, and making goods more expensive for consumers.

Trump told CNBC in an interview: "I don't like all of this work that we're putting into the economy and then I see rates going up".

"The dollar is an important issue today especially because we have been on a rise for quite a long time", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

He likewise also took aim at the dollar, saying a higher value "puts us at a disadvantage" and adding that the Chinese yuan "has been dropping like a rock".

In an interview with US broadcaster CNBC, Trump also accused the European Union of currency manipulation and criticized the US Federal Reserve for it decision to continue raising interest rates.

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