Trump threatens tariffs on all $500B of Chinese imports

In an interview with CNBC broadcast Friday, President Trump said he's ready to escalate the trade war with China by slapping tariffs on every single thing the country exports to the U.S.

"I'm not thrilled", Mr Trump told the network in an interview excerpt aired on Thursday. But at the same time I'm letting them do what they feel is best. This article is strictly for informational purposes only.

He again said he was willing to ramp up his attacks on China, potentially imposing punitive tariffs on all of the $505.6 billion in goods imported from that nation. Axios reports on Friday that "chances of a longer, wider, more damaging trade war with China are rising", with one possible scenario including China goading Trump into a trade war.

Despite this, Trump said that the Fed should keep rates low so the USA economy could make up lost ground to China.

"I don't really - I am not happy about it", he said.

Trump said he was only expressing his opinion as a private citizen by criticizing the move to raise interest rates.

On Thursday, the European Union said it was developing plans to hit back at the United States if it attempted to place import tariffs on cars, something Trump has repeatedly threatened to do.

"I don't necessarily agree with it, because he's raising interest rates ..." The IMF projects the US trade deficit will widen as tax cuts and spending increases enacted this year stoke demand for imports.

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Brazil, China's main supplier of soybean, is swooping on cheap American exports as the trade war with China forces USA farmers to sell the crop at a discount.

For two straight days, President Donald Trump has committed a major break in American political convention by commenting on the actions of the Federal Reserve and the criticism echoes one of the worst monetary-policy mistakes in United States history.

During the 2016 presidential campaign, Trump was highly critical of the Fed and accused its policymakers of keeping rates at ultralow levels to favour Democrats. "In light of the European Union and others saying they are ready to respond to tariffs on cars, the stakes are rising fast".

Trump's rebuke broke with more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the U.S. central bank.

On Friday, the Axios news website reported that Kudlow had said Trump was "not going to let go" of the trade issue.

But falling prices and lower sales would hurt US soybean farmers, it warns, pointing out that USA prices have fallen by 18 percent from May to early July, to their lowest this year.

While the White House attempted to assuage concerns by reiterating the president's support for the Fed's independence, the comments still raised the spectre of a huge policy mistake from the 1970s.

Last week, Powell said in an interview with American radio program Marketplace that he didn't expect to face pressure from the White House.

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